This archive report was first published on 3 January 2020.
January 3, 2020, marked a significant day in the ongoing saga surrounding Jubilee Party Secretary-General Raphael Tuju's Sh1.53 billion loan. The loan, which was advanced to Mr. Tuju on July 31, 2015, at $9.19 million (Sh932.7m), has remained in default since 2017 when it fell due.
According to reports, the East African Development Bank (EADB) had appointed receiver managers (George Weru and Muniu Thoithi) for the Tuju property under Dari Limited to prepare for the sale of its assets to recover the Sh1.53 billion debt. However, Mr. Tuju has moved to the courts to stop the auctioning of his properties used as collateral for the loan.
Mr. Tuju had argued that EADB was frustrating efforts to have a Dubai-based investor (ZLivia) invest in the property to make it profitable. He claimed that the bank had proceeded to appoint receiver managers over all the assets of the plaintiff to engage in the sale and realization of the plaintiff assets and properties as its primary option.
Mr. Tuju was awarded a seven-day order, up to Friday, that stops the receiver managers from taking over the property, after which he will return to the High Court Friday to know his fate.
