Bishop Yego’s Sh153m Kileleshwa apartments set for auction

An auctioneer has put up for sale incomplete apartments in Kileleshwa belonging to retired African Inland Church (AIC) Bishop Silas Yego over a debt of Sh153 million owed to Access Bank, formerly Transnational Bank.

In a notice placed in the newspaper on Monday, Watts Auctions invited interested buyers to purchase the residential property in Kileleshwa on March 22.

The property stands on a 0.588 acre parcel and strategically located on the junction of Gatundu Road and Gatundu Crescent. “On the plot stands an incomplete and abandoned residential apartment building which is designed to accommodate 3 bedroom flats on completion,” the notice reads.

Prospective buyers must deposit at least 25 percent in cash or bankers cheque at the fall of the hammer and the balance should be paid within 90 days.

“Sale is subject to reserve price, the necessary Land Control Board consent [if applicable] and such overriding interests as may exist against the property,” the notice reads.

Last month, Mr Yego lost a fresh attempt save the apartments after High Court Judge David Majanja dismissed his application.

Mr Yego, under his Siro Investments wanted the court to give him four months, to repay the debt.

He said after the Court of Appeal dismissed his application for injunction last year, he engaged the bank with a view to exploring various means of liquidating or restructuring the debt.

He said the bank has been unwilling to accommodate him, yet he had found a good buyer- including Fredrick Fyle (Kenya) limited.

Court documents show that the retired clergyman borrowed Sh140 million from Transnational Bank in 2014 to construct 50 apartment units on the property.