New details have emerged linking Deputy President William Ruto to Weston Hotel’s title deed claiming that he used it as collateral.
According to a new report, the Deputy President is said to have borrowed close to Ksh 1.3 billion from two banks in a period of five years.
In 2011, Ruto first took a loan of Ksh 100 million from a well-known bank in Kenya before venturing to the other and acquiring Ksh1.25 billion in two years, 2014 and 2015.
It was further revealed that he used the second loan to settle the debt accrued by the first one.
The Deputy President, alongside two others, is listed as a director at the controversial hotel. The others are Charlene Chelagat Ruto and Rachel Chebet Kimeto.
The property, which National Land Commission claims was acquired illegally, has been fiercely protected amid calls for its demolition.
In a legal battle with Kenya Civil Aviation Authority, Ruto, through his lawyer Ahmednasir Abdullahi, stated that no one had ever claimed the property since he took over the reigns.
The property sits on a 1.7 acres parcel of land and is valued at Ksh 300 million. It is not clear what other assets were used as security of a chunk of the bank loan.
Ruto, however, defended the acquisition stating that it was legally acquired since it was funded by banks.
His lawyer argued that if the demolition commissioned by Nairobi Governor Mike Sonko goes through, then 141 direct employees stand to lose jobs together with several others such as taxi operators.
