Vihiga MP Yusuf Chanzu who could lose his Sh45 million worth Karen home after auctioneers announced that they will sell it off.
BY NT CORRESPONDENT.
Vihiga MP Yusuf Chanzu could lose his Sh45 million worth Karen home after auctioneers announced that they will sell it off.
In a ruling by Justice Msagha Mbogholi, the High Court declined to issue an order stopping Equity bank and Capital Construction Company from taking over the property.
However the court allowed Chanzu’s wife Ms Jamila Oyoo Chanzu to deposit security in order to save their Sh45,634,544.07 property from being auctioned.
“I am not persuaded that a stay should be granted and I therefore decline to allow the same, I shall allow Ms Chanzu to post a security before the fall of the hammer at 11 am Wednesday 29,” Justice Mbogholi Msagha said.
The dispute arises from a Sh19 million loan which Mr Chanzu took from Equity Bank in November 2007.
But as at April 25, the outstanding debt stood at Sh45, 634,544.07.
Two years ago, Mr Chanzu had first moved to the High Court seeking to stop the bank from advertising for sale, disposing of, selling by private treaty or otherwise interfering with his possession, occupation and use of the residence.
However, suspended judge Joseph Mutava declined to issue orders against the bank and a subsequent ruling by the Appellate Court upheld his verdict.
