Peter Mugambi Maina
Equity Bank permitted the fresh valuation of businessman Peter Mugambi Maina’s property in Mombasa before auctioning it to recover a Ksh 54 million debt.
The bank had previously attempted to auction the property thrice, but each attempt attracted low bids, prompting the lender to seek court approval for a more favorable sale process.
Peter Mugambi Maina
Earlier valuations in 2021 and 2022 placed the property’s market value at Ksh 25 million, with a forced sale value of Ksh 18.5 million. Still, the best bids received during the auctions were much lower, ranging from Ksh 12 million to Ksh 12.5 million.
Read: Exclusive: From Unfinished Projects And Claims For Unpaid Bills; Dark Secrets Behind Julius Mwale’s “Success Story”
The court also allowed Mr. Maina 60 days to negotiate a private sale before the bank could proceed with another public auction.