Oct 23, 2021

Mawazo Writing Africa

Writing about the main

Ferdinand Waititu may lose Sh52m in botched property deal

Mr. Waititu paid the money to General Properties Ltd three years ago as a deposit for the purchase of a commercial building in downtown Nairobi. The money accounted for 10 percent of the purchase for the property known as the Solar House.

Mr. Waititu should have the property for Sh 520 million to do so.

He has the purchase agreement on May 30, 2018 with his company Saika Two Estate Developers Ltd, of which he is a director. Saika later came under the control of the state anti-transplant watchdog, EACC, on allegations that Mr. Waititu used it to raise bribes from county government contractors. received millions from a contractor called Testimony Enterprises Ltd between July 2018 and March 2019.

When Mr. Waititu was unable to complete the payment for the property, the seller withheld the 10 percent deposit on the purchase price. and now wants the court to declare its decision lawful.

General Properties also wants to terminate the purchase agreement, which would result in the politician losing the property and the deposit fee.

“It was a The condition of the agreement was that General Properties Ltd had the right to terminate the contract in the event of Saika defaulting and to forfeit the down payment of 10 percent as flat-rate compensation for breach of contract, “says Charles Muhia, the director of the real estate company.

< p> But Mr. Waititu’s company has resisted the move and is threatening General Properties with legal action.

Court records show that Saika has also filed a warning against the property, asking the seller to refund the bail to force.

General Properties says the purchase agreement was approved by Mr. Waititu’s attorneys who also advised him to enforce it. He should pay the balance within 90 days.

“It was a condition of the agreement that time was of the essence and that the balance of 468 million August 30, 2018. The defendant (Saika) did blatantly violate the terms of the agreement, “says the seller.

General Properties would like the court to allow the confiscation of the 52 million shredders as compensation for breach of contract.

They also want that Mr. Waititu’s company may not issue a warning or intervene in the property.

Court documents show that Saika wrote to the property seller on August 22, 2018, confirming that this had started, with equity and Talk to family banks to secure funding. Saika also said that funding was promised but no evidence was presented.

The directors of Saika then began dodging phone calls and text messages from the seller’s lawyer and delaying answering correspondence. < / p>

On September 21, 2018, the directors of Saika informed the seller that they are now working with the credit union to secure funding and that they will need another 90 days.

It A meeting was held with Mr. Waititu to give Saika another 60 days to close the deal and, for the company, lose 10 percent.

But Saika introduced a twist claiming that she had false information about the Received rental income from the property.