President Uhuru Kenyatta was behind the deal between NCBA Bank and Jeff Koinange that saved the auction of two four-bedroom villas owned by broadcast journalist over a Sh130 million mortgage debt.
The Kenyatta family owns the bank.
The auction of the houses located in upmarket Kitisuru Nairobi was stopped after Koinange inked a repayment deal with the bank after Uhuru called one of the top managers.By then, Garam auctioneers had received interest from a number of investors placing a deposit of at least Sh5 million.
“NCBA reached a last-minute agreement with him (Mr Koinange) and the auction was stopped,” said our source.
NCBA was seeking to recover at least Sh65 million from the sale of each of the two villas over a debt that fell into default last year.
Mr Koinange was living in one of the villas and had rented out the other one — which he had initially used for storing art works. The houses sit on 0.67 acres and both have servants’ quarters.
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