This archive report was first published on 17 July 2020.
On July 17, 2020, Jubilee Secretary General Raphael Tuju made a crucial move to prevent the auction of his property in Karen by depositing Sh50 million in court.
The deposit was made as a condition to stop a regional bank from auctioning his property to recover a debt of Sh1.6 billion.
According to a letter to the Registrar of the Court of Appeal, Mr. Tuju's lawyer confirmed that the amount had been deposited in a joint-interest earning account at NCBA Bank Kenya.
‘We write to confirm that this condition has been complied with. Our clients have deposited Kshs.50,000,000 in an interest earning account at NCBA Bank Kenya,’ the letter stated.
The dispute stems from a loan agreement between Mr. Tuju's company, Dari Ltd, and the bank on April 10, 2015. The bank agreed to give Dari a $9.3 million loan (Sh943.9 million) 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 favor of the bank.
