Imanyara disputes Ecobank’s valuation in Karen house row

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Mr Imanyara says his home is valued at Sh76 million, and not the Sh21 million Ecobank had stated before Justice Francis Gikonyo.
Ecobank’s valuation, he added, does not indicate the built up area in square feet, which makes the whole report inaccurate and unreliable.
The former legislator is seeking to stop the bank from auctioning his Karen property.

Former Imenti Central MP Gitobu Imanyara has questioned the valuation of his Karen home by Ecobank, which wants to auction the property for his alleged defaulting on a Sh51 million loan.

Mr Imanyara has said in suit papers that his home is valued at Sh76 million, and not the Sh21 million Ecobank had stated before Justice Francis Gikonyo.

The former legislator is seeking to stop the bank from auctioning his Karen property, a battle that has seen both parties accuse each other of breaching the terms of a 2009 deal they struck for developing the land.

Mr Imanyara says he is yet to be furnished with a copy of the valuation report compiled by Tysons Limited which he has also described as unreliable because it leaves out some developments on the land.

“The valuation report places the developments at Sh21 million. How can that be when Eco Bank claims to have advanced me Sh51 million to cover the developments done?

“The said valuation of Tysons omits to mention the existence of underground tanks, a guest wing and other facilities already developed,” said Mr Imanyara.

READ: Imanyara moves to court to block sale of Karen house

Ecobank’s valuation, he added, does not indicate the built up area in square feet, which makes the whole report inaccurate and unreliable.

Mr Imanyara holds that a valuation done by Capital Valuers, another firm, shows that the property is worth Sh76 million.

He further reckons that on the alleged inaccurate valuation alone, the court ought to stop the bank from interfering with his property.

Ecobank is yet to respond to Mr Imanyara’s arguments, and asked Justice Gikonyo to grant it time to file its written arguments, where it will address the issues raised.

Justice Gikonyo ordered the parties to appear before him on January 26 to confirm whether the respective papers have been filed.

Mr Imanyara claims the bank and Valley Auctioneers did not giving him the 45 days required by law to redeem the property before announcing the auction date.

He also says the auctioneers did not advertise the auction 14 days before the planned July 10 sale.

The former MP was granted reprieve by the court, which blocked the auction until the matter is determined.