Multi-million property owned by Moses Kuria were auctioned a day after High Court judge Justice Visram Aleem Alnashir ruled that Equity Bank was free to recover a debt the politician has failed to repay. In that auction that was conducted by Garama Auctioneers Investments, the highest bidder placed a Sh62 million offer.

However, Kuria’s wife rushed to court and receive an injunction that prevents Equity Bank and Garam Auctioneers Investments from presenting the successful bidder with title documents for property.

This is the third attempt that Moses Kuria who currently serves as President William Ruto’s economic advisor is making to stop the auctioning of his property. In the latest attempt, the politician has presented to the High Court a petition that seeks to use an old trick and, or loophole to stop the bank from recovering the loan.

His wife, Joyce Njambi Gathungu claims in court that the property in Ruaka and Juja which she has valued at Sh100 million is matrimonial property. She goes on to claim that Equity Bank did not seek her consent as Kuria’s spouse and stakeholder in the assets when the property was registered as security for the loans the politician took.

“The properties aforementioned were part of matrimonial properties with my children and I living in my matrimonial home in Ruaka property and having matrimonial rights in the Juja property. On or about April 8, 2025, I was reliably informed that the Ruaka suit property was set to be sold by public auction for an alleged default,” Kuria’s wife Joyce Njambi Gathungu claims in court papers.

“Immediately I learned of the same, I walked to Equity Bank and requested for documentation on two properties but Equity Bank was not forthcoming despite numerous demands to provide the same and my undertaking to continue liquidating the loan amount when it falls due in order to secure my properties. All along I was never served with notices of sale or demand letters as required of a spouse.”

During the previous hearings before Justice Visram, 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.

Peter Munga to be auctioned over Sh. 433.76 million defaulted loan

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. Moses Kuria 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.

Moses 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.