Retired AIC Bishop Silas Yego’s multi-million-shilling apartment building in Nairobi’s Kileleshwa estate are set to be auctioned over Sh153 million debt.
Watts Auctions through a notice published in a local newspaper on Monday invited interested buyers to make bids for the residential units on March 22nd, 2021.
Access Bank, formerly Transnational Bank, has appointed the auctioneer to dispose of the property valued at over Sh200 million to recover the loan advanced to the clergyman.
Documents show that Bishop Yego borrowed Sh140 million from the lender in 2014 to build 50 apartment units but the project failed after third parties, who had committed to buy the apartments, bolted. The loan has since accrued interest of Sh13 million.
The houses stand on a 0.588-acre parcel of land situated at the intersection of Gatundu Road and Gatundu Crescent.
“On the plot stands an incomplete and abandoned residential apartment building which is designed to accommodate 3 bedroom flats on completion,” the notice reads.
Potential buyers are required to deposit at least 25 percent in cash or check at the fall of the hammer and pay the balance within 90 days.
Last month, High Court Judge David Majanja dismissed a fresh application by Bishop Yego, who was seeking to stop the auctioning of the property. Through his company Siro Investments, Yego wanted the court to block the planned sale for at least four months to allow him to repay the loan.
“According to the correspondence between the parties, the plaintiff has been in default since 2019. He has not met promise to settle the debt despite several offers by the bank to accept a settlement,” ruled Justice Majanja.
Bishop Yego, who was a close ally of former President Daniel Arap Moi, retired from the church leadership in 2019 after serving for 45 years.