Senate seeks to protect investment by Moi University staff
By Lynn Kolongei | March 9th 2020
The Senate will discuss how to save Musco Towers in Eldoret town that is being targeted for auction to recover Sh0.5 billion owed to Cooperative Bank of Kenya.
Uasin Gishu Senator Margaret Kamar revealed she had already tabled the matter in the Senate following a petition by members of Moi University Sacco.
The matter is expected to be discussed tomorrow.
Prof Kamar said they have summoned all the parties involved in order to sort out the matter amicably.
Addressing the media in Eldoret town, Kamar said the parties summoned include the bank, contractors and representatives of the Moi University Sacco among others.
The more than 3,000 aggrieved sacco members had sought the intervention of the Senate through Kamar after failing to stop planned auction of the building, according to a final ruling delivered last week at the High Court in Eldoret.
The members, through University Academic Staff Union (Uasu) Moi University chapter Secretary Jack Willis, had sent a petition to the senator to help them save their asset.
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They argued that they had given up on the court process and resolved to seek the intervention of the Senate as a last resort to save their nine-floor building from being auctioned.
Antique Auctions has already pinned several notices in Eldoret town for sale of Musco Tower after it received instructions to dispose of the building following the the High Court ruling.
In her ruling, Justice Hellen Omondi directed the Cooperative Bank to attach and sell Musco Towers to recover Sh550 million loan.
The documents produced in court had proved Musco obtained the loan between 2008 and 2016 but had failed to pay back.
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