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Former Naivasha MP John Mututho has obtained a court order barring Equity Bank from auctioning his multi-million-shilling property in Nairobi over a defaulted loan.
Senior Resident Magistrate Peter Muholi issued the order pending the hearing and determination of an application filed by Mututho.
Equity was seeking to sell the property situated in Riruta Satellite, Kawangware to recover a Sh20 million accrued debt from Mututho.
Mututho used the eight-bedroom double-storey residential house with 17 other single rooms as security for a Sh9 million loan he borrowed 20 years ago.
The politician moved to court after Equity Bank, through Garam Investments Auctioneers, put up the property of the auction.
In a notice last week, Garam Auctioneers indicated that the residential property brings in Sh165,000 in rental income per month.
“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 in part.
“The outstanding land rates and penalties were Sh165,590. Piped water and mains electricity services are connected.”
The property is situated 950 meters off Dagoretti Corner-Kawangware-Uthiru Road and measures 0.23 acres.
Mututho, a former chair of the National Authority for the Campaign Against Alcohol and Drug Abuse (NACADA), is disputing the loan arrears by the bank in court documents.
The public auction of the property had been slated for April 27th.
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