Former Kiambu Governor Ferdinand Waititu has lost Sh 52 million deposit after failing to complete the acquisition of a city property he had set to acquire at Sh. 520 million.
The deposit Waititu has lost is the 10 per cent of the purchase for the property known as Solar House which Waititu was set to buy through one of his companies known as Saika Two Estate Developers Ltd.
“In the sale agreement dated May 30, 2018, he was to buy the property for Sh. 520 million but was unable to pay the balance of Sh. 468 million even after he was given more time to do so. The delay prompted the seller, General Properties Limited, to sue the former governor seeking to be allowed to forfeit the deposited money as damages for breach of contract and terminate the sale agreement,” a report said.
High Court judge Justice Jacquline Mogeni ruled that Waititu had breached the contract and ordered that he forfeits the deposit. The court also ordered the Land Registrar Nairobi to remove a restriction placed by Waititu company against the property, given that Waititu and his company had not appeared in court to defend the their caveat on the property.
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“A person who lodges caution over any property is one who claims right whether contractual or otherwise. Saika has not raised any objection on why the caveat should not be removed. The court finds that there is no basis for continuing to have the caveat lodged against the said title,”
After losing his gubernatorial position at Kiambu, Waititu’s sources of cash have thinned out, further fueling speculation that his sources of money were the result of kickbacks he got during his tenure as Kiambu governor. Waititu was replaced by his deputy James Nyoro after he was impeached by the Senate in January 2020.
