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Equity Bank’s plan to put the multimillion-shilling residential property of the former Naivasha Member of Parliament John Mututho on sale has been blocked.
The group’s plan was in a bid to recover a Sh20 million debt.
Senior resident magistrate Peter Muholi put the planned auction of the MP’s property in Nairobi comprising an eight-bedroom double-storey residential house on hold until an application is heard and determined.
Earlier, the Bank had obtained orders to sell the property in Riruta Satellite, Kawangware, which it holds as securities for a Sh9 million loan the MP borrowed 20 years ago, in a public auction.
The bank, through Garam Investments Auctioneers, advertised the property for sale, prompting the MP to move to court seeking to stop the auction.
In a notice published in local dailies on April 19, Garam Investments invited potential buyers of the plush home to attend a fire sale that was to be held on Tuesday.
The property, which brings in Sh160,000 rental income a month, also includes four other single storey rental blocks comprising 17 single rooms, three toilets and two bathrooms.
“Parcel of land known as L.R. No. Dagoretti/Riruta/s.499 Riruta Satellite Nairobi registered in the name of John Michael Njenga Mututho,” the notice for auction read.
“The outstanding land rates and penalties were Sh165,590. Piped water and mains electricity services are connected,” the notice read.
Mututho is disputing the loan arrears by the bank in court documents.
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