- Presidential Economic Advisor William Ruto Moses Kuria will lose some of his assets due to the debt of KSh 54 million owed by Equity Bank
- The lender revealed the politician borrowed a loan in March 2018 to build a five -story apartment
- However, the bank told the court that the former Minister of Public Service (CS) failed to repay the debt agreed
The Supreme Court has approved the sale of property owned by Moses Kuria, Presidential Economic Affairs Advisor William Ruto.
Source: Twitter
Why would Moses Kuria's assets be auctioned
Judge Aleem Visram decided that Kuria did not fulfill his financial obligation on the debt he took from Equity Bank several years ago.
Citizen TV reported that the Garam Investments Auctioneers company would run the auction on Tuesday, April 8.
“It is clear that all efforts to renegotiate the terms of repayment and peace agreement have failed. So there is no valid reason that the bank should be prevented from using its legal capacity to sell,” Visram decided.
What Kuria property will be sold?
The Ruaka and Juja apartment, Kiambu County, are among the assets that will be auctioned off to pay off the debt of KSh 54 million.
Following the Equity Bank's move to hire Garam Investments Auctioneers to sell the property, the former Secretary of the Public Service Cabinet (CS) rushed to court to stop the sale.
The lender revealed that Kuria received a loan of KSh 54 million on March 15, 2018, to fund the construction of a five -storey apartment building in two buildings, and secured the loan with three assets.
Source: Twitter
How Moses Kuria failed to pay the debt
Bizna Kenya reported that a nine -month termination from the date of the first payment was accepted by Kuria and the bank.
He had to serve the loan for 111 phases every month for KSh 402,832 each month.
However, the financial institution revealed that he stopped making loan payments in June 2022
The Supreme Court heard that by the time Equity sent letters to collect the debt, he had a debt of KSh 54.3 million and could not pay it.
According to the bank, Kuria promised on January 24, 2025 that he would pay the arrears that had remained at KSh 850,000, but failed to do so.
The politician said he paid KSh 733,000 instead, which the court received less than the previously agreed.
In his defense, Ruto's adviser said his misery was due to a disaster Covid-19 and claimed that he was sick after suffering severe leg injuries.
What other property does Kuria own?
Kuria was a member of Gatundu South for two seasons from 2013 to 2017.
In August 2018, he claimed he owns a helicopter that Ruto used around the country while campaigning.
He owns the first building of Malawi, Fanaka TV and House in Kiambu and Nairobi.
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Source: TUKO.co.ke
