- The Excessive Courtroom has rejected a contemporary try by retired Africa Inland Church (AIC) Bishop Silas Yego to save lots of his 50 high-end flats in Nairobi’s Kileleshwa neighbourhood from being auctioned over Sh153 million owed to Transnational Financial institution.
- Justice David Majanja dismissed the applying filed by the retired clergyman in January, saying there have been no new info to allow the court docket to listen to the case afresh.
The Excessive Courtroom has rejected a contemporary try by retired Africa Inland Church (AIC) Bishop Silas Yego to save lots of his 50 high-end flats in Nairobi’s Kileleshwa neighbourhood from being auctioned over Sh153 million owed to Transnational Financial institution.
Justice David Majanja dismissed the applying filed by the retired clergyman in January, saying there have been no new info to allow the court docket to listen to the case afresh.
“Just like the Courtroom of Enchantment held, the plaintiff is indebted to the financial institution and nothing now stands in the way in which of the financial institution exercising its statutory energy of sale,” the decide mentioned.
Bishop Yego’s Siro Investments needed the court docket to cease the financial institution from auctioning the flats for at the least 4 months to allow him repay the mortgage.
He mentioned after the Courtroom of Enchantment dismissed his software for injunction final yr, he engaged the financial institution with a view to exploring numerous methods of liquidating or restructuring the debt.
He claimed he had discovered a purchaser however the financial institution rejected the proposals and proceeded to promote the property by public public sale. The financial institution, he mentioned, instructed Purple Royal Auctioneers to public sale the property.
Bishop Yego mentioned he made a number of efforts to liquidate the debt by disposing of his different properties and making proposals however the lender had been unreasonable, therefore denying him the precise to redeem the property.
Courtroom paperwork present that the retired clergyman borrowed Sh140 million from Transnational Financial institution in 2014 to assemble 50 house models on the property. The undertaking, nevertheless, bumped into bother after third events who had dedicated to purchase the flats bolted.
The financial institution determined to promote the property after did not service the mortgage. However he challenged the public sale, saying the financial institution had undervalued the property. He claimed that the excellent steadiness was Sh86 million and never the Sh143 million quoted by the lender. He additionally complained that the financial institution did not subject him the required notification of sale.
Justice Majanja dismissed his software for a everlasting injunction restraining the financial institution from recovering the tens of millions of shillings via promoting the property by public public sale.
“In accordance with the correspondence between the events, the plaintiff has been in default since 2019. He has not met promise to settle the debt regardless of a number of affords by the financial institution to simply accept settlement,” mentioned Justice Majanja when dismissing the applying to restrain the financial institution from auctioning the property.
The decide mentioned Bishop Yego based mostly his criticism on the truth that he had entered right into a sale settlement with a 3rd get together who was keen to purchase the property at Sh200 million.
His attraction suffered the identical destiny when an injunction he sought was dismissed by the Courtroom of Enchantment.
Bishop Yego retired from the church management in 2019 after serving for 45 years. He was near the previous President Daniel arap Moi, who was linked with Transnational Financial institution earlier than its sale to Nigeria’s Entry Financial institution final yr.