Equity Bank to Auction Moses Kuria's Properties Over KSh 54m Debt
Japhet Ruto, a journalist at TUKO.co.ke, brings over eight years of experience in finance, business, and technology, offering deep insights into economic developments both in Kenya and around the world.
The High Court has okayed the sale of assets owned by Moses Kuria, the senior economic adviser to President William Ruto.
Source: Twitter
Justice Aleem Visram's ruled that Kuria had not fulfilled his financial responsibilities regarding a debt he had taken out from Equity Bank several years ago.
Citizen TV reported that Garam Investments Auctioneers will conduct the auction on Tuesday, April 8.
"It is evident that all efforts to renegotiate the terms of repayment and to compromise the matter amicably have failed. There is therefore no valid ground upon which the Bank ought to be restrained from exercising its statutory power of sale,” Visram ruled.
Apartment complexes in Ruaka and Juja, Kiambu county, are among the properties up for auction to pay off an outstanding debt of KSh 54 million.
Following Equity Bank's move to hire Garam Investments Auctioneers to sell the property, the former Public Service Cabinet Secretary (CS) rushed to court in a bid to halt the sale.
The lender revealed that Kuria obtained a KSh 54 million loan on March 15, 2018, to finance the construction of five-storey rental buildings on two properties, and secured the loan with three properties.
Source: Twitter
Bizna Kenya reported that a nine-month moratorium from the date of the first disbursement was subsequently agreed upon by Kuria and the bank.
He was supposed to service the loan in 111 monthly instalments at KSh 402,832 monthly.
However, the financial institution disclosed he stopped making loan payments in June 2022
The High Court heard that by the time Equity sent out letters to collect the debt, he owed it KSh 54.3 million and was unable to clear it.
According to the bank, Kuria promised on January 24, 2025, that he would pay the outstanding arrears in KSh 850,000 instalments, but failed to do so.
The politician said he paid KSh 733,000 instead, which the court found was less than what was originally agreed upon.
In his defence, Ruto's adviser attributed his woes to the COVID-19 pandemic and asserted that he fell ill after suffering severe burns on his leg.
Kuria served as Gatundu South MP for two terms from 2013 to 2017.
In August 2018, he claimed he owned a chopper that Ruto used to crisscross the country campaigning.
He owns the First Malawi building, Fanaka TV and houses in Kiambu and Nairobi.
Source: TUKO.co.ke
