The current economic downturn has seen an increase individuals taking loans and auctioneers having a field day.
Case in point is Former Marakwet West MP David Sudi, who is fighting to save his property located along Joseph Kang’ethe Road in Nairobi over a Ksh. 25 million debt. The MP has been trying to negotiate with Simple Pay Credit to pay Ksh. 20 million arrears, a plea that has been rejected by the lenders.
Retired African Inland Church Bishop Silas Yego is also in a court battle in a bid to save his high-end apartments in Kileleshwa from being sold over Ksh. 145 million owed to Transnational Bank.
Another prominent Kenya caught up in the shackles of debt is William Osewe Guda of Ranalo Foods popularly known as K’Osewe, who is seeking to stop GT Bank from auctioning his assets over a Ksh. 330 million loan. Mr. Guda, obtained an order from the Court of Appeal, putting on hold plans to sell a stalled four-star hotel in Kisumu and apartment in Nairobi’s South C, pending the hearing of his case.