Former Kiambu Governor, Ferdinand Waititu lost a Nairobi CBD office property worth Ksh520 million after failing to complete its purchase.
Waititu had only paid a 10 per cent deposit totalling to Ksh52 million. The ex-Governor also lost the deposit after the sale was terminated.
While arguing his case in court, he alleged that financial institutions declined to offer him loans to complete the purchase owing to several graft cases levelled against him. Anti-graft agencies flagged one of Waititu’s companies that was accused of embezzling Kiambu County funds.
The firm was also reportedly used in purchasing the CBD property. Having failed to pay the balance, the owners were forced to cut off the deal that had spanned three years.
They sued Waititu and asked the court to allow them to forfeit the Ksh52 million deposit. The sellers argued that the former Embakasi Member of Parliament breach the contract and sale agreement.
“The accused entered into a sale agreement without sufficient funds to complete the transaction. His lawyers ought to advise him on how to execute it and advise him on how he should have paid the balance within 90 days.”
The property owners further informed the court that the sale agreement was approved by Waititu’s lawyers.
“His company proceeded to execute the sale agreement and paid the deposit without first securing bank financing. It is the duty of every advocate for the purchaser to advise his client to source for funds first before committing himself to an agreement,” the seller’s attorney stated in the affidavit.
Waititu and his company did not appear in court to counter the seller’s demands.
The Judge, Jacqueline Mogeni ruled in favour of the seller’s, stating that they were justified to forfeit the Ksh52 million deposit and cancel the sale agreement. She also noted that Waititu had breached the contract as argued by the developers.
“A person who lodges caution over any property is one who claims right whether contractual or otherwise. Waititu’s firm has not raised any objection on why the caveat should not be removed.
“The court finds that there is no basis for continuing to have the caveat lodged against the said title,” Justice Mogeni ruled.
She further ordered the Land Registrar Nairobi to lift any restrictions Waititu’s company had placed over the Ksh520 million CBD property to prevent potential buyers from bidding.
Waititu is reported to own several property in the city, including an office block along Koinange Street.
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