Ferdinand Waititu, the ex-Governor of Kiambu is a man who is staring at an auction of his luxurious vehicles now that he is unable to service his loans.
He is in court seeking orders to stop Mwananchi Credit Limited that is gunning for his two luxurious vehicles over Ksh10 million loan which he has failed to service as agreed.
Waititu took the loan with the asset financing company while still the Kiambu Governor but was ousted on January 20, 2020.
He says that all he wants is for Mwananchi Credit to give him more time to repay the debt without selling his two high-end vehicles.
In court documents that he filed at a Kiambu law Court, Waititu pleads that he will suffer huge losses if the creditor goes ahead to sell his vehicles being held at a car yard Long Kiambu Road.
He argued that for now, he is not able to service the loan as required because he has no source of income since he lost his job as Kiambu Governor.
He adds that the little he rakes in goes to paying legal fees for a Ksh588 million graft case he is fighting together with his wife Susan Ndung’u and eight other ex-Kiambu County officials.
“That due to current financial constraints I am facing, I am unable to clear the said loan within the afore stated period but I hasten to add that with a lot of difficulties coupled with the fact that I am facing numerous cases before an anti-corruption court which has incurred me a lot of costs and expenses by hiring advocates. I have endeavoured to at least clear a sum of Sh1,280,000,” Waititu stated in an affidavit.
He also told the court that he is committed to clearing the debt but casts doubt on the total amount he is supposed to pay.
“That I am not disputing owing the first defendant/respondent company claim, there is a dispute over the actual balance owing to the first defendant but I pray for a reasonable time within which to sell some of my properties and clear all the outstanding loan balance upon calculation of the same, and/or in alternative be allowed to settle the same by considerable instalments,” he adds.
Mwanachi Credit argued that it was forced to seek legal redress after it proved difficult to recover the money from Waititu since 2019.
MCL CEO Dennis Mombo in a letter seen by the court had written to Waititu in 2019 and asked him to clear a total debt of Ksh10,188,422.
“I am writing in reference to our meeting held today that you should settle the stated amount before end of August. Failure to which the account will continue to accrue a penalty of five per cent flat until final settlement,” Mombo told Waititu.