Nairobi County Assets to be Auctioned Over Ksh4.3B Loan Debt
Part of the Nairobi City County Government assets are set to be auctioned over a Ksh4.3 billion defaulted loan.
In a verdict delivered by the High Court sitting in Nairobi, a top financial institution has been granted the clearance to seize and auction assets belonging to Governor Anne Kananu's administration.
Justice Chacha Mwita, while making the ruling, dismissed the application submitted by the county challenging the amount awarded to the financial institution by an arbitrator back in November 2019, setting the stage for the auctioning.The move follows the continued default on the loan even after the court directed the county government to clear the debt to avoid facing the auctioneer's hammer.
ustice Mwita further dismissed the county's application to have the&...