The decision by a bank to forcefully sell a property used to acquire Sh3.4 million loan without informing the owner has come back to haunt it. Barclays Bank of Kenya has now been ordered to pay the property owner general damages, being the difference between the sale value of Sh7.1 million and the undisclosed purchase price achieved at the auction. Justice Tuiyott said the bank failed to call evidence or challenge the assertion that it did not furnish Ngugi with documents relating to the sale. Read MoreNgugi’s tribulations started when he took a loan and used his piece of land in Muguga as security, but fell into hard times that saw him default in repaying the loan, forcing the bank to sell the property in question. In the case filed in April 2017, he sought for a declaration that the bank’s exercise of its statutory power at sale was illegal.

Source: Standard Digital March 01, 2021 07:52 UTC