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Court of Appeal awards Sh2.3 billion to Ex-MP

The court of appeal awarded former MP Basil Criticos Sh2.28 billion over the auctioning of his farm by National Bank.

Ex-MP Basil Criticos

The court of appeal awarded former MP Basil Criticos Sh2.28 billion over the auctioning of his farm by National Bank.

National Bank auctioned Critico’s 15,994.5-acre sisal farm in Taita Taveta in September 2007 to recover a Sh20 million loan.

In its ruling, the court of appeal noted that the land was undervalued since it had buildings, sisal, quarry, and road network.

The bank wrote to him in April 1997, requesting Sh66.5 million from the firm, with a monthly interest rate of 35%.

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He was given three months to repay the debt, but multiple court cases thwarted his efforts to sell the land and balance the payment.

In the result, subject to what we shall shortly state with regard to the crops, we find the appellant's valuation report to be solid in content and uncontroverted.

It was not to be merely wished away. And we are on balance persuaded by the appellant’s contention that the suit property was sold at an undervalue,” Justices Roselyn Nambuye, Wanjiru Karanja and Patrick Kiage ruled.

The former MP was also awarded Sh35 million which was a surplus from the sale of the land. The bank sold the farm for Sh55 million and demanded another Sh106 million from the businessman.

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The Sh2.315 billion awarded is more than double National Bank’s net income last year. In 2019, KCB Group Plc made an offer to acquire 100% of NBK.

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