A stand-off was witnessed at a mall in Kilimani on Thursday, June 24, after auctioneers sought to demolish the business premises.
Kilimani OCPD Muturi Mbogo told Kenyans.co.ke that the auctioneers had a court order allowing them to recover their debt of over Ksh 9 million.
They, however, wanted to demolish the premises before they were stopped by police officers at the scene.Heavy traffic experienced on Likoni road in Kilimini on Thursday, June 24.
"The auctioneers wanted to demolish but to do that, they need a court order which they do not have," Mbogo stated.
Some netizens on Twitter had expressed concern saying that the commotion experienced around the business complex caused a heavy traffic snarl up in the area.
"Heavy traffic on Likoni road in Kilimani area due to what looks like major demolition of this upcoming shopping complexes," Ledama Sampele, a netizen stated.
"Passed by Likoni Road, Kilimani, some people are about to cry, like really cry. Demolitions. This property is not even one year old since completion. It was done with speed and pomp," Okowa Nashon added.
A report by the Central Bank of Kenya (CBK) in March indicated that thousands of homeowners defaulted on mortgage loan repayments, and therefore risked losing their homes among other properties.
Data by CBK showed that 14.5 per cent of all loans taken have defaulted.
As a result of the default, CBK noted that banks were aggressively looking into auctioning properties of their borrowers to recover the loans.
“The increases in Non-Performing Loans (NPL) were attributable to the subdued business environment, and banks continue to make provisions for the NPLs,” stated CBK Governor Patrick Njoroge.A bulldozer packed outside the business premises on Thursday, June 24.
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