Equity Bank is set to auction politician Moses Kuria’s property over a Sh54 million debt. This is after the politician who currently serves as President William Ruto’s senior economic adviser failed in his court bid to stop the auction.
High Court judge Justice Visram Aleem Alnashir on Monday April 7, 2025, ruled that Kuria had not met the required threshold to stop the auctioning of his property by the bank. At the same time, the High Court determined that efforts to restructure the debt to enable the politician to pay had failed.
“It is evident that all efforts to renegotiate the terms of repayment and to compromise the matter in an amicable manner have failed. There is therefore no valid ground upon which the Bank ought to be restrained from exercising its statutory power of sale,” Justice Visram ruled.
Kuria had rushed to court to stop Equity Bank from auctioning his property after the bank contracted Garam Investments Auctioneers to conduct the sale of a parcel of land located in Kiambaa, Kiambu County.
During court proceedings, Equity Bank told the High Court that Kuria had taken a Sh54 million loan on March 15, 2018 to fund the construction of five-storey rental blocks on two of the properties and secured it with three properties located in Kiambu.
Kuria and the bank then agreed that the politician would be given a nine months moratorium from the date of the first disbursement. Thereafter, he would repay the loan in 111 instalments of Sh402,832 per month. He however stopped servicing the loan in June 2022.
The High Court further heard that by the time Equity issued notices for the recovery of the debt, the outstanding amount was Sh54.3 million. According to the bank, Kuria was totally unable to service the loan.
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The bank further said that on January 24, 2025, Kuria told Equity that he would settle the pending arrears in monthly instalments of Sh850,000. He never did. He claimed that he made a payment of Sh733,000 instead, which the court determined was a lesser amount than what had been agreed upon.
Kuria told the court that he had failed to repay the money because of the 2020 pandemic. He further said that he had fallen sick thereafter and had been admitted in hospital after suffering a severe leg injury.
