Reprieve for Moses Kuria as court halts property auction over Sh50m loan

President William Ruto's advisor Moses Kuria in Kisumu. [Michael Mute, Standard] The High Court in Kiambu has issued temporary orders restraining Equity Bank from auctioning two prime properties belonging to President William Ruto's adviser, Moses Kuria, over a Sh50 million unpaid loan. Justice Jacqueline Mogeni issued the order following an objection filed by Kuria's wife, Joyce Njambi, halting any dealings with the properties until April 30, 2025, when the matter will be heard. "Meanwhile, there shall be no dealing of any manner with the suit property pending the hearing of this application on April 30, 2025," ruled Justice Mogeni. The judge also directed Njambi to serve Equity Bank with her application within three days. Further, the bank has been ordered to file its responses and submissions within three days before the scheduled hearing. These developments come just days after Kuria lost a separate bid at the Milimani High Court to stop the auction. On Monday, Justice Aleem Visram rejected Kuria's urgent application to block the sale of two apartment blocks located in Ruaka and Juja, Kiambu County. "I find the Applicant (Kuria) has not met the threshold for a grant of an injunction pending the hearing and determination of both the present application and the main suit," ruled Justice Visram. According to court documents, Kuria secured a Sh50 million loan from Equity Bank in December 2017 to finance the construction of a five-storey rental block in Ruaka and a similar one in Juja. The two properties were offered as collateral, with legal charges registered against their titles. However, after defaulting on the loan, the bank moved to recover the outstanding amount through a public auction. The loan agreement required monthly payments of Sh402,832, which Kuria failed to honor. In its filings, Equity Bank stated that Kuria repeatedly missed payments despite being reminded on multiple occasions. Kariuki King'ori, a bank representative, revealed that a meeting was held with Kuria on January 24, 2025, at his Karen office, where a revised payment plan was agreed upon. "The plaintiff has not only failed to honor his payment commitments but has also neglected to follow through with the agreed repayment plan," said King'ori. Under the revised plan, Kuria was to pay Sh6.4 million by March 28, 2025, followed by Sh5 million by April 15, and a final payment of Sh11,535,629 by April 30, 2025, totaling Sh21,535,629 in arrears. In addition, he was expected to begin monthly payments of Sh850,000 until the loan was fully settled. However, the bank claims that Kuria once again failed to meet these obligations, prompting it to instruct Garam Investment Ltd, an auctioneering fir,m to proceed with the sale. "We gave Mr. Kuria ample time and opportunity to settle the debt, but he failed to comply with the agreed-upon terms. At no point did the plaintiff make any significant payments, even after committing to a payment schedule," said King'ori. Kuria had moved to court seeking an injunction, arguing that the bank's move was premature and that he was actively working to raise funds to clear the debt. He also claimed that the Juja property is still under construction and does not generate rental income.

Reprieve for Moses Kuria as court halts property auction over Sh50m loan

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Reprieve for Moses Kuria as court halts property auction over Sh50m loan

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