WAITITU is as broke as a church mouse after his impeachment as Mwananchi Credit confiscates his luxury cars for defaulting on a Sh10 million loan – LOOK!

 

Tuesday, April 13, 2021 – Former Kiambu Governor Ferdinand Waititu is a man under siege.

This is after he defaulted on a Sh 10 million car loan he took from Mwananchi Credit Limited in 2020.

The micro-finance company is now seeking to auction Waititu’s luxurious motor vehicles to get back their money.

Waititu had used two logbooks to secure the loan.

The ex-county chief said he uses the vehicles, which are often parked at Startruck Yard on Kiambu Road, 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.

The former governor moved to court seeking to stop the planned auction, claiming he is currently financially constrained after he lost his job as Kiambu governor in January 2020 over graft and abuse of office allegations.

According to Waititu, he is 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 I’m facing, I’m unable to clear the said-loan within the afore-stated period,” said Waititu.

The 59-year-old politician said the “little money” he has, goes towards paying lawyers who are representing him in court for his other alleged offences, including corruption.

Mwananchi Credit Limited has already seized the two vehicles Waititu used as collateral to secure the loan.

E! News Blog