The piece of land situated in Machakos town is set to be auctioned by Housing Finance after the former Minister defaulted on the loan payments.
The decision was arrived at after the High Court issued an interim injunctive order dated Wednesday, April 1 following a decision by Justice David Majanja that found Ndambuki to have breached a court agreement recorded by the two parties.
The bank wanted to sell the property to recover the debt but the former Kaiti Member of Parliament moved to court on Friday, January 31.
The loan was advanced to his Roof Garden Hotel in Machakos and he had charged the land title to secure the loan.
The former Minister Cabinet Minister was supposed to repay the loan on Thursday, February 6 after recording a consent the previous day.
Ndambuki, however, failed to pay the amount as Housing Finance re-advertised the auction but the former Minister during Moi’s regime resorted to the courts again on Thursday, March 26 and obtained an injunction order.
He claimed to have settled Ksh. 4.6 millionĀ and failed to clear the full amount due to a hold up in the transfer of his property in Karen, Nairobi and blamed the delay on the Covid-19 pandemic.
The former chairman of the National Social Security Fund (NSSF) also stated that the closure of the Lands Registry Offices in Nairobi was another reason for his delay in settling the debt.
Machakos Teachers Sacco had also agreed to bail him out according to Ndambuki and he also stated that he was trying to recover money owed to him by the government.
Ndambuki, however, received a blow after Justice Majanja ruled that his reasons did not fall within grounds for setting aside or varying a consent order.
Back in January, he wasĀ fighting to block the auction of his six-storey hotel in Machakos town over a Ksh.80 million loan.
Garam Investments Auctioneers invited potential buyers to bid for the prime property known as Roof Garden Hotel, which is located near Kenyatta Stadium and sits on 0.0389 hectares.
