This archive report was first published on 17 July 2020.
On July 17, 2020, Jubilee Secretary General Raphael Tuju deposited Sh50 million in court as a condition to stop a regional bank from auctioning his property in Karen, to recover a debt of Sh1.6 billion.
The deposit was made in a joint-interest earning account at NCBA Bank Kenya, as confirmed in a letter to the Registrar of the Court of Appeal.
According to the letter, the amount had been deposited in an interest-earning account at NCBA Bank Kenya, as required by the Court of Appeal.
The dispute stems from a loan agreement between Dari Ltd, a company owned by Mr Tuju, and the bank, which borrowed $9.3 million (Sh943.9 million) on April 10, 2015, to fund the acquisition of a property in Karen known as Tree Lane and for development and construction of residential units.
However, the bank and the company later fell out, and Dari defaulted on the loan. The bank was forced to recall the loan, and the dispute was heard by a UK court, which ruled in favour of the bank.
Mr Tuju, through his lawyers, Senior Counsel Paul Muite and Paul Nyamodi, insists that Dari and the guarantors (Mr Tuju and his children) obtained orders stopping all the cases arising from the judgement granted by a UK court last year.
