A prominent Kiambu family has failed to reverse a deal agreed with Equity Bank last December over the fight over the multibillion-shilling Fourways Junction Estate.
Ms Nancy Gatabaki and her daughters Esther Susan Wangari and Josephine Gathoni wanted the deal, which was adopted in court last year, reversed, arguing it was full of mistakes.
They told Justice David Majanja that all issues pertaining to the development of the estate should be resolved before consent is adopted.
But Justice Majanja said going through the correspondences between the parties leaves no doubt the consent was freely negotiated and the family instructed its advocates.
“As I have previously stated, the consent is detailed and I find it hard to believe that the plaintiffs’ previous advocates could have colluded with the bank’s advocates to craft such an elaborate and detailed consent without the involvement or instructions of the plaintiffs,” Justice Majanja said.
The family claimed they are the registered and beneficial owners of two parcels measuring about 200 acres and about 6.53 acres respectively in Nairobi, off Kiambu Road.
They claimed the transactions of the development, including the formation of the company, which donated the land, the charging of the property to Equity Bank, and the loan amounts owing to the Bank should be resolved. They wanted the court to compel Muga Developers, Suraya Sales Ltd, Suraya Property Group Ltd, and Equity to account for the monies due to them after selling the units that were developed.
In the deal, the family was to be given an additional 18 housing units at Sh172 million. The deal would also see them pay Equity Sh60 million in December and the balance by January 2022. The family was required to withdraw all claims against Equity.
