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State contractor, three firms face auction of 65 properties over Sh1.4bn Equity loan
The High Court has cleared Equity Bank to proceed with the sale of 65 charged properties in Nairobi and Mombasa as it seeks to recover a Sh1.37 billion loan advanced to four companies.
The High Court in Nairobi has cleared the way for Equity Bank to auction dozens of properties tied to a Sh1.37 billion loan advanced to four companies, including a government contractor, dismissing claims that the debt had been inflated through excessive interest charges.
The companies blamed their financial difficulties on unpaid government debts, but the court ruled that disputes over loan balances and property valuations could not stop the bank’s recovery process.
