BUSINESSMAN BUZEKI PROPERTY TO BE AUCTIONED TO PAY 105 MILLION DEBT.

0
4061
Bundotich Zedekiah KIprop alias Buzeki.

BY SAM ALFAN.

High Court Judge Mbogholi Msagha has dismissed an application by Buzeki Enterprises Ltd, associated with the businessman, seeking to stop execution of warrants of attachments secured by Moran Auctioneers Ltd on March 15 to enforce the judgment against the firm on May 12, 2017.

“I uphold the move by the plaintiff to proceed with the execution of the consent order , which is valid and binding on the both parties. The defendant’s application dated 22 March ,2018 is hereby dismissed with costs to the plaintiff” ruled Justice Mbogholi.

The application dated 22 of March , 2018 was dismissed with cost to the plaintiff.

According to the court documents seen by Nairobitimez.co.ke, the consent was recorded by both lawyers on 30 of November, 2017 as follows,

  1. The decretal principal sum is hereby varied to Kshs. 105,000,000/= to be paid on or before 28.2.2018.
  2. The costs of Kshs. 1,146,200/= to be paid on or before 31.12.2017.
  3. Interest to be calculated at bank rates on Kshs. 95,500,000/=.

The Judge said Buzeki Enterprises had defaulted on the mutual agreement by the warring parties recorded by the court on November 30, last year, requiring the company to settle its debt by February 28.

“The process of execution cannot be faulted in the circumstances of this case. I uphold the move by Landmark Port Conveyors Ltd to proceed with the consent order, which is valid and binding on both parties,” Justice Mbogholi said.

“In this case, there was the principal sum and costs to be paid on a specific date. Buzeki Enterprises has not met those timelines clearly in breach of that consent. In my view, it is clear that in any judgment or consent order, where there is a breach, the next step by the aggrieved party is execution,” Justice Mbogholi pointed out.

The politician’s haulage firm had entered into a sale agreement with Landmark Port Conveyors on August 7, 2015, to purchase two pieces of prime land worth Sh340million in Mombasa County. The Sh105million had been obtained through a bank facility after the aggrieved company had transferred to Buzeki’s bank account Sh91million and a further Sh5million in cash.

Landmark Port Conveyors had paid a further Sh5million to Buzeki’s bank account on November 13, 2015. Buzeki was expected to discharge the mortgage accrued on one of the properties upon receipt of the deposit and balance of the purchase price but he defaulted.

However, the decision was stayed after Buzeki company lawyer told the court that, they will be paying 3 million per month.

LEAVE A REPLY