NCBA Bank has filed an auction suit against businessman Zedekiah Bundotich Kiprop alias Buzeki and his company Buzeki Enterprises over Ksh2.7 Billion debt.
NCBA is seeking to block Landmark Port Conveyors Ltd from auctioning 53 trucks and trailers belonging to Buzeki over a Ksh118 million loan.
According to the lender associated with the first family, the 53 trucks and trailers are part of the 289 trucks and 141 trailers bought using the Ksh2.7 billion loan.
On Friday, Justices Roselyn Nambuye, Hannah Okwengu and Daniel Musinga granted NCBA’s prayers, blocking Landmark Port Conveyors Ltd from auctioning the vehicles.
“If the properties are sold, and the bank succeeds in its appeal, the appeal may be rendered nugatory as the bank will have already lost the securities for the amount loaned to Buzeki,” ruled the jury.
However, the court directed NCBA to deposit Ksh60 million in an interest-earning account within 30 days, failing which Landmark will be free to sell the trucks and trailers.
Landmark had successfully obtained court orders to auction the trucks and trailers after Buzeki defaulted on a debt repayment agreement signed in 2018.
“The process of execution cannot be faulted in the circumstances of this case. I uphold the move by Landmark Port Conveyors Ltd to proceed with the consent order, which is valid and binding on both parties,” Justice Mbogholi Msagha ruled in a ruling dated June 13, 2019.
The ruling revealed that after Buzeki Enterprises agreed to pay the debt by monthly installments, only a fraction has actually been settled to date.
Buzeki previously owned Molo Milk, which he sold to Brookside. In 2017 he unsuccessfully ran for the Uasin Gishu gubernatorial seat.