Former Naivasha MP John Mututho has obtained a court order barring Equity Bank from auctioning his multi-million-shilling property in Nairobi over a defaulted loan.
Senior Resident Magistrate Peter Muholi issued the order pending the hearing and determination of an application filed by Mututho.
Equity was seeking to sell the property situated in Riruta Satellite, Kawangware to recover a Sh20 million accrued debt from Mututho.
Mututho used the eight-bedroom double-storey residential house with 17 other single rooms as security for a Sh9 million loan he borrowed 20 years ago.
The politician moved to court after Equity Bank, through Garam Investments Auctioneers, put up the property of the auction.
In a notice last week, Garam Auctioneers indicated that the residential property brings in Sh165,000 in rental income per month.
“Parcel of land known as L.R. No. Dagoretti/Riruta/s.499 Riruta Satellite Nairobi registered in the name of John Michael Njenga Mututho,” the notice for auction read in part.
“The outstanding land rates and penalties were Sh165,590. Piped water and mains electricity services are connected.”
The property is situated 950 meters off Dagoretti Corner-Kawangware-Uthiru Road and measures 0.23 acres.
Mututho, a former chair of the National Authority for the Campaign Against Alcohol and Drug Abuse (NACADA), is disputing the loan arrears by the bank in court documents.
The public auction of the property had been slated for April 27th.
From the figure show,mututho…
From the figure show,mututho should easily be able to payoff the 165000,debt,since its just about the same amouth the rental property brings in a month…Unless there is more to this story,Equity bank should be able to restructure the loan and have the arrears paid from the rental income…
Again for this matter to have gone this far,there is more to it…Anyway lately alot of big shots are being hit with defaults on their loans.Is it because gov. is tightening loopholes to “easy cash”?Or these guys are not really big shots,but just guys living beyond their means…I wonder.
John Mututho ,Tiga waana…
John Mututho ,Tiga waana…
You can’t afford KSH 20 million?
After all you guys have stolen?
Call UHURU to bail you out.
Me Mututho, give to Ceazar…
Me Mututho, give to Ceazar what is Ceazer’s! You owe a debt of 20 years, you pay the debt! What is so hard to understand about that?
our judicial system is still…
our judicial system is still on the auction block.
Who is buying it?
Who is buying it?
Mututho should have…
Mututho should have campaigned for 24 hours beer sale and make a night club in that house to collect 2million per month. he would have long time repaid the loan. Lakini wapi, eventually he shall start a pub and see the evil he metted on club owners and club workers and entire economy by introducing the fake mututhu laws. These are the laws that made him loose his parliamentary job. I wish him the worst. A guy who thinks backwards when the world is headed 24 hours cash circulation