Former Kiambu Governor Ferdinand Waititu rushed to the Kiambu Law Courts on Tuesday, April 13 in a bid to stop Mwananchi Credit Limited from auctioning his cars.
In January of last year, Waititu secured a Sh10 million car loan with the lender using two of his luxury cars as collateral.
Two days after the loan was approved, Waititu was impeached, losing his handsome monthly salary and ultimately defaulting on the loan.
In court papers, ‘Baba Yao’ claimed he is currently financially constrained and unable to raise the money because there is no regular monthly income credited to his bank account.
“My failure to clear the subject loan was neither deliberate nor intentional, but it was occasioned by circumstances beyond my control. Due to the current financial constraints that I’m facing, I’m unable to clear the said-loan within the afore-stated period,” Waititu lamented.
According to the politician, the “little money” he has goes towards paying lawyers who are representing him in court.
“I am facing numerous cases before an anti-corruption court, which has incurred me a lot of costs and expenses by hiring advocates,” he argued.
Mwananchi Credit Limited has already seized the two vehicles Waititu used to guarantee the loan ahead of a looming auction.
Waititu asked the court to stop the quick loans dealer from selling the vehicles saying he uses them in his transport business.
“If the vehicles are sold, I will be highly prejudiced besides suffering irreparable loss and damage,” Waititu said in court documents.
“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,” said Waititu.
The court heard his cries and issued orders barring Mwananchi Credit Limited from selling the vehicles.