Market News

Nakuru MP’s property set for auction over Sh3 million loan

arama

Nakuru Town West MP Samuel Aram. FILE PHOTO | NMG

jameskariuki-img

Summary

  • Nakuru Town West MP Samuel Arama risks losing his Sh25 million property for failing to service a Sh3 million loan.
  • The MP borrowed the money from Family Bank in 2013.
  • According to Leakey’s Auctioneers, the property sitting on a 0.51 acre plot in London Estate off the Nakuru-Eldama Ravine road is developed with the MPs home and four rental residential blocks.

Nakuru Town West MP Samuel Arama risks losing his Sh25 million property for failing to service a Sh3 million loan.

The MP borrowed the money from Family Bank in 2013.

According to Leakey’s Auctioneers, the property sitting on a 0.51 acre plot in London Estate off the Nakuru-Eldama Ravine road is developed with the MPs home and four rental residential blocks.

The property registered under the Jubilee MP’s wife, Florence Masita, will be sold on October 21, at the Nakuru GPO parking yard where bidders must pay a Sh1 million refundable deposit.

The auction follows the MP’s decision to withdraw an appeal he filed against a High Court ruling in favour of Family Bank’s right to seize and dispose of the collateral used to guarantee a Sh3 million loan.

In 2017, Environment and Lands court Judge Dalmas Ohungo allowed the bank to dispose of the property valued at about Sh9.15 million which the MP contested, saying his property was valued Sh25 million.