Absa Bank Kenya is facing growing scrutiny over the alleged auction and disposal of properties belonging to an elderly Nairobi business couple, with their lawyers calling for a criminal investigation into the circumstances surrounding the transactions.
The couple, who operate through Kimani Operations Limited and Kimani Ventures Limited, have accused the bank, auctioneers and other parties of irregularities in the disposal of properties they say were used as security for loans.
According to their lawyers, the properties involved have a combined value running into more than Sh1 billion.
The dispute has now escalated beyond the civil courts, with the couple seeking investigations by the Directorate of Criminal Investigations (DCI) and the Office of the Director of Public Prosecutions (ODPP).
Questions Over the Alleged Auction
One of the central issues raised by the couple concerns an alleged auction said to have taken place on July 7, 2025.
Their lawyers question how a genuine public auction could have been conducted on that particular day, which coincided with Saba Saba demonstrations that severely restricted movement in parts of Nairobi.
They argue that roads were blocked and access to various areas was restricted, potentially making it difficult for prospective buyers to attend and participate in a competitive auction.
The lawyers are therefore asking investigators to establish whether bidders were physically present, whether genuine competitive bidding occurred and whether the properties were actually sold through a lawful public auction.
They have also demanded documents relating to the alleged sale, including the bidding register, reserve prices, identities of successful bidders, memoranda of sale and evidence showing how the proceeds were applied to the outstanding loans.
Dispute Over Loan Accounts
The companies reportedly obtained substantial financing from Absa.
Kimani Operations Limited is said to have received a facility of approximately Sh195 million in 2021, secured against two properties known as Twin Towers.
Kimani Ventures Limited, meanwhile, obtained a facility of about Sh130 million secured against property in Section II, Eastleigh.
The borrowers have questioned the bank’s accounting of the facilities, including how much was disbursed, payments received, interest charged, additional fees and the current balances on the accounts.
According to reports, despite the alleged disposal of some of the securities, Absa continues to demand approximately Sh394.8 million from the borrowers.
This has become one of the key points of contention in the dispute.
Questions Over the Alleged Buyers
The lawyers have also raised questions about companies said to have acquired some of the properties.
Among them are Astralis Verge Limited and Samatar Solutions Limited, which were incorporated relatively shortly before the disputed property transactions.
The couple’s lawyers want investigators to establish who ultimately owns the companies, their beneficial ownership structures, the source of funds used in the alleged purchases and whether there were communications linking them to the auction process.
They have suggested that these issues require investigation to determine whether the property disposals were conducted independently and transparently.
The allegations, however, remain subject to investigation and determination by the relevant authorities and courts.
Auctioneer Also Questioned
The complaint reportedly raises concerns about the involvement of auctioneer Serah Njeri Wamwea.
The lawyers have questioned circumstances surrounding her participation in the auction process and alleged that her business premises were located in the same building where the auction was scheduled to take place.
They want investigators to determine whether this created any conflict of interest or compromised the independence of the auction process.
The couple’s legal team has also questioned the valuation of the properties, alleging that some of the assets may have been undervalued before being disposed of.
Couple Seeks Criminal Investigation
The elderly couple is now asking the DCI and ODPP to establish whether any criminal offences were committed during the alleged auction and subsequent transfer of the properties.
Among the issues they want investigated are alleged conspiracy to defraud, fraudulent misrepresentation, collusion, unlawful acquisition or disposal of property and possible abuse of the statutory power of sale.
The couple has already challenged the disputed transactions through the courts.
They maintain that the properties represent long-term investments and important sources of income, making the dispute particularly significant as they seek to protect their assets.
The allegations against Absa Bank and the other parties have not been established as facts. The requested investigations and ongoing court proceedings are expected to determine whether the auction and subsequent property transfers complied with Kenyan law.
The case has nevertheless renewed questions about the safeguards available to borrowers when banks exercise their statutory power of sale, particularly where high-value properties are involved.
