Former Kiambu Governor Ferdinand Waititu has lost property in the Nairobi Central Business District (CBD) valued at Ksh520 million after he failed to complete its purchase.
According to reports, the politician had only paid a 10 percent deposit of Ksh52 million which he also lost after the purchase was terminated.
Appearing in court, Waititu argued that the graft cases against him had prevented lenders from facilitating his purchase of the property.
The Ethics and Anti-Corruption Commission (EACC) had flagged one of the companies associated with the politician, which he is said to have used in embezzling funds from the county.
Waititu is reported to have also used the firm to acquire the CBD property. Having failed to pay the balance, the owners were forced to cut off the deal that had spanned three years.
The property owners sued the former governor and asked the court to allow them to forfeit the Ksh52 million deposit. They argued that Waititu breached 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,” they said in an affidavit.
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,” their affidavit stated.
Waititu and his company did not appear in court during the hearing.
Justice Jacqueline Mogeni ruled in favour of the property owners, 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.