Business
Equity to auction Fourways homes in loan dispute
Equity Bank has been given a go ahead to sell houses belonging to real estate firm Suraya Property Group to recover its loans. This follows a ruling by the Court of Appeal on the prolonged battle that has seen several parties trying to take over the mansions in Kiambu.
The bench judge agreed with Equity Bank as a reputable lender and the real estate firm can still recover their money, in case the appeal, which is yet to be heard succeeds.
Justices Roselyn Nambuye, Hannah Okwengu, and Imaana Laibuta said the lender can auction the mansions subject to the issuance of fresh notices, as it was directed by the High Court in 2020.
The houses in dispute were constructed by China Wu-Yi company and financed by Equity Bank at a tune of more than Sh1 billion.
But the real state firm has been xperiencing financial woes after Muga Developers, a joint venture which is partly by Suraya was placed under receivership in 2020 by Equity Bank with Mr Muniu Thoithi and Mr George Weru being appointed as the administrators.
“The applicant having offered the suit property as security, it has become a commercial entity that can be compensated in monetary value,” the ruling reads.
The Fourways Junction Estate [p/courtesy]
Suraya Property is owned by Peter Muraya and his wife Susan with whom he formed Muga Developers with the family of the late Samuel Gatabaki in 2007 to develop fourways junction estate. Gatabakis provided the land while Suraya was to source for funds to finance the development.
The luxarious estate which boasts of a mix of apartments, office blocks, a shopping mall, a fully-fledged country club and a three-star hotel is strategically located closer to the leafy Runda Estate.
China Wu-Yi which constructed the estate is also fighting to get some 10 houses as part of the payment for their services.
But Suraya Property has denied the claims stating that even if there was a deal to that effect, the property is charged to Equity Bank which granted the Sh1.76 billion loan to finance the project.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
A Packet of Milk, A Public Strip Search and 26 Years Thrown Away: The Ugly Face of Lipton Teas’ Kenyan Operations Exposed
The Listing That Doesn’t Lie: What the Market Isn’t Saying About Family Bank’s NSE Debut
8 Dead After US Air Force B-52 Bomber Crashes Shortly After Takeoff In California
Sh11 Billion Zakhem Debt Bombshell Rocks Kenya Pipeline Three Months After IPO, As Questions Mount Over What Investors Were Told
How A Convicted Zimbabwean Fraudster Quietly Bought His Way Into Kenya’s Sh375 Billion JKIA Mega-Deal
How an Egyptian-Headquartered AI Medical Platform Harvested the Sensitive Health Data of Over 60,000 Kenyans — Leaving Thousands Exposed to a Mega Privacy Catastrophe in Foreign Hands
Inside the Cover-Up: How Diageo and EABL Allegedly Buried a Sexual Harassment Scandal at the Kisumu Brewery and Are Now Racing to Sell the Evidence Out of Kenya’s Reach
Lopokoiyit The Fraudster? Why A Past Scandal At Safaricom Has Come To Haunt Absa Executive Sitoyo
FACTBOX – Key Provisions In Iran-US Draft Memorandum Of Understanding According To Iranian Media
FACTBOX – What Sanctions Could Be Lifted Under New US-Iran Peace Deal?
Inside NCBA’s Decline: How a Banking Giant Lost Its Strategic Edge
Cement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
Standard Chartered Ghosts Haunt Joshua Oigara At Stanbic As Whistleblower Spills Beans
Businessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
Inside The Urban Planning Cartel That Owns Nairobi
South Sudan: Adut Salva Kiir’s Shadow Treasury Exposed
Why Ruto’s Favourite Candidate Adan Mohammed Could Be Locked Out of the KRA Top Job
Why John Ngumi Is Running From the EACC and Why the Sh415 Million Payday May Be the Least of His Worries
Betika Faces DCI Probe, Directors Arrest and License Revocation Over Massive 29.5 Million Safaricom Customers’ Data Breach
The President’s Daughter and The Missing Witness: How Adut Salva Kiir’s Shadow Treasury Silenced Its Most Dangerous Critic
-
Business6 days agoInside NCBA’s Decline: How a Banking Giant Lost Its Strategic Edge
-
Investigations2 weeks agoCement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
-
Business5 days agoStandard Chartered Ghosts Haunt Joshua Oigara At Stanbic As Whistleblower Spills Beans
-
News21 hours agoBusinessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
-
Investigations1 week agoInside The Urban Planning Cartel That Owns Nairobi
-
Africa4 days agoSouth Sudan: Adut Salva Kiir’s Shadow Treasury Exposed
-
Business4 days agoWhy John Ngumi Is Running From the EACC and Why the Sh415 Million Payday May Be the Least of His Worries
-
Africa5 days agoThe President’s Daughter and The Missing Witness: How Adut Salva Kiir’s Shadow Treasury Silenced Its Most Dangerous Critic