Nairobi, April 15 -- Mortgage lender Housing Finance is now free to auction a 68-acre parcel of land in Kajiado to recover a loan of more than Sh3.1 billion from Kampala International University (KIU).

The Supreme Court stopped the bid by the university to overturn a ruling in favour of the lender in the loan fight that followed KIU's default on the debt tapped in 2014 to develop its Kitengela campus.

A bench of five judges of the Supreme Court dismissed the second appeal by KIU, arguing the suit had nothing on constitutional interpretation to warrant the intervention of the apex court.

Now, Housing Finance will recover $13.8 million, including compounded interest of 9.5 percent per annum from January 2018, pushing the debt to $24.33 o...