Nakuru Town West MP Samuel Arama is at the brink of losing his Sh25 million property for failing to service a Sh3 million loan he borrowed from Family Bank in 2013.
Leakey’s Auctioneers said the targeted property is sitting on a 0.51 acre plot in London Estate off the Nakuru-Eldama Ravine road. It is is developed with Arama's home and four rental residential blocks.
The property registered under his wife's name , Florence Masita, will be sold on October 21, at the Nakuru GPO parking yard where bidders will pay a Sh1 million refundable deposit.
The auction comes after the lawmaker withdrew an appeal he filed against a High Court ruling that allows Family Bank to seize and dispose the collateral used to guarantee the Sh3 million loan.
In 2017, Environment and Lands court Judge Dalmas Ohungo allowed the bank to dispose of the property valued at about Sh9.15 million but Arama contested claiming his property was valued at Sh25 million.
Nakuru west Mp Samuel Arama has been acquitted over graft charges for lack of evidence.
Milimani anti corruption chief magistrate Douglas Ogoti freed the legislator and two others saying that the prosecution had failed to prove beyond reasonable doubt the corruption charges against them.
"I hereby acquit the three accused persons under section 210 and order their cash bail of Sh 1 million deposited in court to be refunded to them," Ogoti ruled.
The controversial MP had been charged with several counts of abuse of office,fraudulent acquisition of land in Nakuru and conspiracy to defraud a businessman. Arama conspired with four colleagues to defraud Ahmed Muhammad Nisar by means of dispossessing him a plot of land between August 3,2015 and August 11,2015.
His brother, Charles Arama was also arrested alongside his lawyer
