Retired Bishop Silas Yego of AIC will have his Ksh200 million posh apartments in Kileleshwa auctioned over a defaulted Ksh153 million bank loan.
Last month, Bishop Yego tried to stop Transnational Bank from auctioning his property by filing an injunction in court.
Transnational Bank has contracted Purple Royal Auctioneers to dispose the property.
He had secured the loan with a parcel of land where he built apartments in Kileleshwa.
Transnational Bank first announced the auction in 2020 but Bishop Yego opposed this. His initial loan of Ksh140 has accrued interest of Ksh13 million.
Earlier, he had tried to stop the auction through the High Court and Court of Appeal but the courts ruled in favour of the bank.
While issuing his ruling, High Court Judge David Majanja dismissed Bishop Yego’s ruling saying that there were new facts presented by Yego to enable the case be litigated afresh.
“In other words, this application is res judicata (a decided matter). Further, as the Court of Appeal held, the plaintiff is indebted to the bank and nothing now stands in the way of the bank exercising its statutory power of sale,” the court ruled.
The judge added that the Bishop failed to demonstrate clearly what deal he had on the table for the bank.
In court documents, Bishop Yego argued that he was seeking an injunction to buy time to liquidate his assets so as to pay the loan.
According to the Star, yego filed an affidavit of a comprehensive offer by Fredrick Fyle (Kenya) Ltd stating that he wanted to use it to repay the loan since the bank had refused his offer.
He said that he has tried to sell some of his property to offset the debt and made numerous proposals to the bank but nothing has been accepted.
The retired AIC Bishop claimed he had found a buyer for the Kileleshwa property but the bank went ahead to advertise the property.
This, Yego said was unfair treatment which was pushing him to clogging his equity of redemption.
“The bank has rejected them unfairly, unreasonably, maliciously and capriciously in a manner that is denying him the right to redeem the suit property,” Yego asserted.
