Absa Bank faces serious questions after auctioning properties belonging to an elderly Kenyan couple on a day when public movement was restricted.
The couple had taken business loans worth hundreds of millions of shillings from the bank. These loans were secured against several of their properties, with the total value of the assets involved exceeding one billion shillings.
Lawyer Swiga, speaking on behalf of the couple, has raised concerns about how the bank carried out a public auction on Sabasaba Day.
On that day, roads in parts of the country were officially closed following a public gazette notice.
Holding a public auction under those conditions raises doubts about whether the process met the legal standards required for such sales. The law sets clear procedures for public auctions to ensure they are open and fair.
When access is limited, it becomes harder to claim that interested buyers had a real chance to participate.
The lawyer also pointed to further problems. Some of the people who ended up with the properties were reportedly connected to those who conducted the auctions.
Under the rules, those organising or running an auction should not benefit from the sale of the assets.
This link has led the couple to allege fraud and conspiracy to defraud. They claim the properties were transferred without following proper legal steps.
The couple has already been involved in a civil court case over the matter. Now they have instructed their lawyers to write to the Office of the Director of Public Prosecutions.
They are asking for a criminal investigation into the alleged wrongdoing. The goal is to establish whether the bank and others involved broke the law when disposing of the properties.
The elderly couple say the loss of their properties has caused them severe financial harm. They invested their earnings over many years as business people and now, as senior citizens, face the pressure of this dispute. The stress has also affected their health. They want the authorities to act so that justice is done regardless of the bank’s size or the couple’s age.
This case highlights the risks ordinary people face when dealing with powerful financial institutions. Borrowers are advised to seek independent legal advice before taking loans and securing them with property. Relying only on the bank’s own lawyers can leave clients exposed. Prevention through proper guidance is better than trying to fix problems after assets have already been sold.
The couple’s lawyers have served the letter to the ODPP and expect progress within a short time so that the properties can be recovered or fair compensation paid if the disposals are found to have been unlawful.
