A Member of Parliament is on Wednesday set to lose his Sh90 Million property in Karen estate, Nairobi, over a Sh45 Million Equity Bank loan.
Auctioneers are expected to sell off Vihiga MP Yusuf Chanzu 's prime property after the High Court threw out a case filed by his wife, Jamila Oyoo, seeking to block the sale of their home sitting on a one-and-half acre land.
Judge Mbogholi Msagha declined to give the lawmaker more time to settle the loan noting that he was likely to default as he had previously done so.
"I have taken some time to go through material presented before me. It is not the first time the property in question is subject to litigation. Mr Chanzu was the applicant while the applicant now is Jamila Oyoo Chanzu, the spouse of the former.
"There is evidence that the husband of the present applicant had been allowed to post security to secure a stay order. That order was not obeyed to the detriment of the respondent," Judge Msagha ruled.
The Vihiga legislator had requested the court to grant him 45 more days to repay the loan.
The debt arose from a Sh19 Million loan borrowed in November 2007 where Mr Chanzu offered his house as collateral to guarantee money to Capital Construction Company.
He was to repay the principal and annual interest of 18 per cent and an additional six per cent if he defaulted.
