- Businessman says KCB sold his Ksh. 25M apartment against court orders.
- The sale went ahead despite the bank’s promise to wait for the September ruling.
- He accuses the bank of undervaluing the property by over Ksh. 10M.
- Wants the auction cancelled, the property transfer stopped, and heavy fines imposed.
A Nairobi businessman, James Mwangi Rukwaro, has taken KCB Bank to court over the sale of his four-bedroom home at Riverland Apartments. The house, estimated to be worth more than Ksh. 25 million was auctioned on August 22, 2025.
Rukwaro says the auction happened while there was a standing assurance in court that no sale would proceed until a ruling due on September 19, 2025.
In his case, Rukwaro has listed KCB Bank, CEO Paul Russo, Cornelius Sikuku, and George Njoroge Muiruri as respondents. He argues that on August 13, the bank’s advocate assured the High Court that the property would not be touched until his application was heard.
However, he claims the bank went ahead with the auction and later deposited Ksh. 1 million in his account as part of the alleged proceeds. He rejected the money, insisting the process was illegal.
The businessman further accuses the bank and the auctioneer, Phillips International, of undervaluing the apartment by over Ksh. 10 million compared to its real market price. He adds that no potential buyer even inspected the property, which is still in his possession.
Rukwaro is now asking the court to cancel the auction, block any transfer of ownership, and punish the respondents for contempt. His prayers include: KCB fined Ksh. 100 million. CEO Paul Russo was fined Ksh. 5 million and jailed for six months. George Njoroge Muiruri was also jailed for six months.
The High Court will mention the case on September 2, 2025, where it is expected to decide whether sanctions will be issued against the bank and its officials.
