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Equity Bank's assets up for auction

27 June 2013, 13:10 Steve Wambugu

Customers of Equity Bank Nakuru branch were on Thursday morning stranded after Jogendah Auctioneers attached office equipments belonging to the bank due to unsettled debt.

The auctioneers who had a legal court order issued on 19/06/2013 said that Equity Bank had failed to settle KES 11 039 817 owed to Paul Ole Yaele for services he rendered to the bank last year.

Speaking to the media during the attaching process at the bank, Philip Kamuya from the auctioneering company said that the bank had been giving them false promises of settling the pending debt to their plaintiff.

“The bank has not paid the said debt for a very long time and that’s why the court gave out this legal notice to proceed with the attachment,” he said.

Kamuya further said that the bank had seven days to respond to the matter but failed to do so in due time forcing them to execute the court order to the letter.

Administration Police officers were called in by the bank to bar the attachment of the property but after a brief consultation with the auctioneers they allowed them to enforce the court orders.

Among the properties that were attached were customers and reception chairs as well as the Bank chairman's seat.

But before Kamuya and his team could proceed with the attachment of cashiers' computers and motor vehicles, the bank through their lawyer obtained another court order stopping any further attachment of Equity bank property.

Auctioneer Kamuya noted that even though the bank obtained a legal notice to stop the attachment, the auctioneering company could not return the attached property since the order had been overtaken by events.

“There is no way we can return what we have taken because the bank has served us an order after we have attached the property,” he said.

The morning incident pulled a huge crowed along the busy Kenyatta Avenue Street with many wondering what was happening at the bank.

Some clients of the bank who spoke to the media said they were wondering how safe their money was at the bank if auctioneers can attach the bank’s property.

Effort to reach Bank Manager for a comment proved futile as he was said to have been stressed out by the embarrassing morning incident.     

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