KCB sold 100-acre parcel of Kajiado land for Sh6.7 million in a public auction.
David Karanja Kamau, who alleges the lender sold his land fraudulently, is asking the High Court’s land division to cancel the sale and transfer back to him the property.
Mr Kamau is also seeking to have the managing director of the bank jailed for six months for selling the land when the case was pending at the Court of Appeal.
A businessman is seeking triple action against KCB Group #ticker:KCB for selling his 100-acre parcel of Kajiado County land valued at more than Sh200 million at a throwaway price of Sh6.7 million in a public auction to recover what he claims was a non-existent loan of Sh4,885,913.
David Karanja Kamau, who alleges the lender sold his land fraudulently, is asking the High Court’s land division to cancel the sale and transfer back to him the property, which he claims the bank sold secretly to a Mr Harrison Wambugu Gaita on June 11, 2015, for Sh6,750,000.
Mr Kamau, a longtime customer of the lender through his company Rupa (K) Limited, is also seeking to have the managing director of the bank (head office) jailed for six months for contempt of court for selling the land when the case was pending at the Court of Appeal.
Mr Kamau accuses KCB of proceeding to recover the disputed loan when there was a status quo order the appellate court had issued pending the outcome an appeal lodged challenging a judgment of the High Court by Justice Eric Ogolla on June 25, 2014, in favour of KCB.
Justice Ogolla ordered Rupa directors to pay KCB Sh450,000 with an interest of 16.5 percent until payment in full.
Mr Kamau is now asking the court to quash Justice Ogolla’s judgment and has further sought the Central Bank of Kenya intervention as the sector regulator.
He accused KCB of violating banking rules when it sold the property.
The Court of Appeal and the lands court are yet to decide the contested sale.
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