This archive report was first published on 7 July 2020.
Published on July 7, 2020, a report by the Business Daily revealed that retired African Inland Church Bishop Silas Misoi Yego's multi-million property in the upmarket Kileleshwa area is set to be auctioned over a Sh. 140 million loan.
The property, valued at Sh. 200 million, was borrowed from Trans National Bank in 2014 to construct 50 apartment units through Bishop Yego's firm, Siro Investments.
However, the bishop failed to service the loan, leading Trans National Bank to ask Purple Royal Auctioneers to recover the loan through a public sale.
Bishop Yego moved to court to challenge the auction, claiming the bank had undervalued the property and that the outstanding balance was Sh. 86 million, not the Sh. 143 million quoted by the lender.
However, Justice David Majanja ruled that since Bishop Yego admitted the indebtedness, he could not suffer the loss that cannot be compensated by damages.
The judge stated that the plaintiff had been in default since 2019 and had not met his promise to settle the debt despite several offers by the bank to accept settlement.
