In a major legal blow, East African Cables PLC has lost its bid to stop Equity Bank from selling off four of its prime properties, as the Court of Appeal dismissed the company’s application for an injunction in a high-stakes Kshs. 2.2 billion debt dispute.

The decision clears the path for Equity Bank to auction the assets—located on prime Nairobi land—after years of legal wrangling. Justices J. Mohammed, Tuiyott, and Nyamweya upheld a previous High Court ruling, dealing a sharp blow to East African Cables’ efforts to shield the properties from sale.

Despite the cable maker arguing that its appeal had strong grounds and that a sale would render the case pointless, the court ruled that any losses could be compensated by damages—especially since Equity is a financially strong tier 1 lender.

“This is the price of putting property on the line for a loan,” the court noted.

With court protection officially lifted, Equity Bank now has full authority to proceed with the sale—putting East African Cables on the edge as it faces the real possibility of losing key assets.

This ruling intensifies the company’s financial woes and adds new urgency to its efforts to stay afloat. The battle may not be over, but the tide has clearly turned.