Broke BUZEKI to be auctioned

0
228

Prominent Uasin Gishu businessman and politician Zedekiah Bundotich popularly known as Buzeki is fighting to save his company’s assets from being auctioned over Sh105 million debt.

This is after a Sh340 million business deal between his company, Buzeki Enterprises Ltd and Landmark Port Conveyors went sour.



In the case, directors of Landmark Port Conveyors entered into a binding sale agreement amounting to Sh340 million on August 17, 2015, with Buzeki Enterprise Limited for the sale of two properties in Mombasa measuring 1.16 hectares in Section VI Mainland North and another 1.07 hectares in Section VI C

Landmark transferred to Buzeki’s company’s bank account Sh91 million after execution of the agreement and another Sh9 million in cash. On November 13, 2015, another Sh5 million was paid to the defendant director’s account. 

Buzeki was expected to discharge the mortgage accrued on the Mainland North property upon receipt of the deposit and the balance of the purchase price, but this did not happen. 

When confronted by the buyer over the mortgage issue, Buzeki asked for a revision of the agreement. The applicant then demanded for a refund of the deposit paid. 

“We are also aware that we shall forfeit 10 per cent of the total deposit paid and therefore our claim is for Sh94,500,000 and interest at bank rate from December 8, 2016 till payment in full for both days inclusive,” said Landmark Port Conveyors Director Njenga Peter Kamau in documents seen by this publication. 

The law firm filed for a decree claim for the refund of Sh94.5 million, interest accruing at commercial bank rate from December 2016 until full payment is made, cost of the suit plus interest as court rates. 

Having failed to enter appearance in the case, Justice Mbogholi entered judgment against the politician’s company on May 12, 2017.

Buzeki company through a mr. Wanyonyi pleaded that their credit facilities have delayed and it has only been able to honour in payment of cost to the plaintiff’s lawyer in partial and compliance of the subject consent. 

On Friday 14 June 2018 Justice Mbogholi Msagha ruled that Buzeki had failed to live by his word despite the court granting him an opportunity to pay Sh118 million in monthly installments of Sh3 million.

“It’s clear that, despite the accommodating indulgence on the plaintiff/respondent, the defendant/applicant has not lived to its word or the legitimate expectation. Good faith is demonstrated by inter alia, consistency and predictability. Going by the record of this case, that is lacking in the conduct of the defendant/applicant.

“The end result is that, this application is dismissed in its entirety with costs to the plaintiff/ respondent. What this means is that the plaintiff/ respondent is now at liberty to proceed with the execution of the judgment in its favour against the defendant/applicant,” said Justice Mbogholi.

LEAVE A REPLY

Please enter your comment!
Please enter your name here