https://www.businessdailyafrica.com/news/HF-fights-award-in-property-auction-court-case/539546-5362878-m4k86uz/index.htmlHousing Finance is challenging a Court of Appeal ruling that has awarded a Nairobi family Sh1.2 billion compensation after two of the three judges ruled that the mortgage lender had breached the law by selling the family’s home in Runda.
The court on Friday directed the listed company to pay damages of Sh20.4 million - which was the principle sum in dispute - to the couple. The money is to be paid together with an annual compounded interest rate of 26 percent since the year 2000 when the case was first filed in court. This pushed the penalty to Sh1.2 billion. However, Housing Finance is asking for a stay of execution of the ruling until its appeal in the Supreme Court is heard and determined.
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In 2015, the businesswoman issued a notice to the mortgage financier, threatening to attach the lender’s equipment to recover the damages, which then stood at Sh726 million. The award given by the Court of Appeal is the equivalent of HF’s combined profits for the four years to 2018.
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