The court has restrained Mwananchi Credit Ltd from auctioning two high-end cars belonging to former Kiambu Governor Ferdinand Waititu over a defaulted loan.
Waititu obtained a Sh10 million loan from the creditor last year using the two motor vehicles as collateral.
Mwananchi Credit seized the two luxury cars after Waititu failed to service the loan and are currently being held at Startruck Yard along Kiambu Road.
Waititu moved to a Kiambu court seeking to block the creditor from selling the vehicles to recover the money.
In documents filed in court, Waititu admitted he defaulted on repayments, citing financial challenges occasioned by his impeachment as Kiambu Governor, which rendered him jobless.
“My failure to clear the subject loan was neither deliberate nor intentional, but it was occasioned by circumstances beyond my control. Due to current financial constraints I’m facing, I’m unable to clear the said-loan within the afore-stated period,” Waititu noted.
He further argued that the two vehicles are for his transport business and it would be a blow to him if they are auctioned.
“If the vehicles are sold, I will be highly prejudiced besides suffering irreparable loss and damage,” he added.
He asked for additional time to repay the loan, arguing that earnings from his businesses have been drained through paying off lawyers in the graft cases facing him.
“I am seeking more time to sell some of my property and use the money to offset the loan. Alternatively, the lender should allow me to settle the loan in installments,” Waititu told the court.
Kenya is truly a HUSTLER’S…
Kenya is truly a HUSTLER’S nation.
Two high -end cars are for…
Two high -end cars are for his transport business? What about the Mwananchi Credit Ltd? They have bills to pay too. Selective justice is a form of corruption. Had a regular Wanjiku showed up in front of a judge unable to pay a loan on her pick-up truck, a judge would have thrown her out of the court telling her to sell the truck and pay the bill to honor her contract with the creditor. Elites in our country own the courts and the judges. They get the verdicts they want. They pay to play.
Waititu has already bribed…
Waititu has already bribed the judge to rule in his favor. This judge should be investigated and fired for corruption. Kenya will never change until these kinds of corrupt ruling have been stopped!
How come Waititu was quick to borrow money he is not able to pay back? No wonder every body else’s bank loans interests have increased to pay Waititu’s debts! Nonsense!
Pay your debts Waititu! You…
Pay your debts Waititu! You owe the money you borrowed. You used the vehicles as collateral in case you failed to service the loan. It is time for the lender to sell those vehicles to recover some or all the money you owe!
I’m surprised some judge issued fake orders to stop the sale of the vehicles on the basis that you are paying lawyers in fraud cases and you now don’t have a job.
You lost your J.O.B. because you were stealing from the public; the poor tax payer citizens of Kiambu. Pay your debts Waititu!