Auctioneers have accused banks of illegally taking over their business of seizing and selling assets of loan defaulters, denying them revenue and flouting the law. They also complain that when banks engage them, they are under pressure to charge less than what is provided for in the Auctioneers Act.
The row emerged in a case which was filed before Nairobi’s High Court by the auctioneers and which sought orders to permanently stop banks from using parties not licensed to practice as auctioneers.
