Mwananchi Credit goes after Waititu's vehicles
By Fidelis Kabunyi | April 13th 2021
Former Kiambu Governor Ferdinand Waititu has allegedly defaulted on a Sh10 million car loan he took from Mwananchi Credit Limited in January 2020.
The micro-finance company is now seeking to auction the ex-county boss’s motor vehicles to get back their money.
Waititu had used two logbooks to secure the loan.
The ex-county chief said he uses the vehicles, which are often parked at Startruck Yard on Kiambu Road, in his transport business.
“If the vehicles are sold, I will be highly prejudiced besides suffering irreparable loss and damage,” Waititu said in court documents.
The former governor moved to court seeking to stop the planned auction, claiming he is currently financially constrained after he lost his job as Kiambu county boss in January 2020 over graft and abuse of office allegations.
Waititu says, in his application filed at the Kiambu Law Courts, that he is unable to raise the money because there is no regular monthly income credited to his bank account.
“My failure to clear the subject loan was neither deliberate nor intentional, but it was occasioned by circumstances beyond my control. Due to [the] current financial constraints I’m facing, I’m unable to clear the said-loan within the afore-stated period,” said Waititu.
The 59-year-old politician said the “little money” he has, goes towards paying lawyers who are representing him in court for his other alleged offences, including corruption.
Waititu accepted he was in default on the Sh10 million loan, which he received from Mwananchi Credit Limited.
“I am seeking more time to sell some of my property and use the money to offset the loan. Alternatively, the lender should allow me to settle the loan in installments,” said Waititu.
Mwananchi Credit Limited has already seized the two vehicles Waititu used as collateral to secure the loan.
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