Friday July 17, 2020 – Jubilee Party Secretary-General, Raphael Tuju, has been forced to part with a whopping Ksh50 million to save his multi-million Karen property from being actioned by East African Development Bank.
Tuju has been embroiled in a protracted legal tussle with the EAD Bank for quite some time after he failed to comply with terms and conditions agreed upon when he received a KSh 943 million loan from the bank.
The lender prosecuted the dispute in a London court and got orders to seize the property after Tuju and his company, Dari Limited, were found to have defaulted loan repayment which has shot to KSh 1.5 billion.
Consequently, the bank appointed George Weru and Muniu Thoithi, as receiver managers for Tuju’s property.
The two receiver agents were tasked to prepare for the sale of the politician’s assets to recover the KSh 1.53 billion debt.
However, the SG challenged the ruling through a Kenyan court and secured orders barring the lender and receiver managers from repossessing the property.
This was granted on condition that he remits KSh 50 million within seven days from the date the orders were issued, failure to which the lender will be granted the green light to repossess the assets.
The seven-day order was issued last week and was due to expire on Friday, July 17, thus prompting Tuju to comply to save his establishments.
Tuju also faces serious allegations from Tanga Tanga after it emerged that he looted the Jubilee Party dry.
The Kenyan DAILY POST