A Commercial Court in Nairobi has allowed Credit Bank to auction a prime piece of land in Upperhill where the real estate firm Jabavu Village Ltd intended to build Africa's tallest building, The Pinnacle.
Justice Alfred Mabeya, in his ruling, said Jabavu had admitted it was not a party to the loan issued to the lender.
According to the judge, the firm was a third party, and could not speak for the owner who took the loan. "To the extent that the plaintiff is not the registered proprietor of the charged property, I do not think it has any locus to challenge the defendant's attempted exercise of statutory power of sale.
The injunction order was made in error and cannot stand.
