Waititu Obtains Court Order Blocking Creditor from Auctioning His Luxury Cars over Defaulted Loan

The court has restrained Mwananchi Credit Ltd from auctioning two high-end cars belonging to former Kiambu Governor Ferdinand Waititu over a defaulted loan.

Waititu obtained a Sh10 million loan from the creditor last year using the two motor vehicles as collateral.

Mwananchi Credit seized the two luxury cars after Waititu failed to service the loan and are currently being held at Startruck Yard along Kiambu Road.

Waititu moved to a Kiambu court seeking to block the creditor from selling the vehicles to recover the money.

In documents filed in court, Waititu admitted he defaulted on repayments, citing financial challenges occasioned by his impeachment as Kiambu Governor, which rendered him jobless.

“My failure to clear the subject loan was neither deliberate nor intentional, but it was occasioned by circumstances beyond my control. Due to current financial constraints I’m facing, I’m unable to clear the said-loan within the afore-stated period,” Waititu noted.

He further argued that the two vehicles are for his transport business and it would be a blow to him if they are auctioned.

“If the vehicles are sold, I will be highly prejudiced besides suffering irreparable loss and damage,” he added.

He asked for additional time to repay the loan, arguing that earnings from his businesses have been drained through paying off lawyers in the graft cases facing him.

“I am seeking more time to sell some of my property and use the money to offset the loan. Alternatively, the lender should allow me to settle the loan in installments,” Waititu told the court.