Court Revealed that General Properties Limited received the Ksh52 million as 10 per cent of the monies Waititu was supposed to pay for the building.
“It was a term of the agreement that upon default by Saika, the General Properties Ltd had the right to rescind the agreement and forfeit the 10 per cent deposit as liquidated damages for breach,” the court heard.
However, General Properties argued that the sale agreement was approved by Waititu’s lawyers who also advised him to execute it. The seller accused Waitiu of breaching their contract after failing to clear the balance.
“It was a condition of the agreement that time was of the essence and that the balance of Ksh468 million was to be paid to the vendor advocates within 90 days from May 30, 2018. The defendant (Saika) has blatantly breached the conditions in the agreement,” the court documents read in part.
“Saika proceeded to execute the sale agreement and paid the deposit without first securing bank financing,” the seller added.
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