Businessman Peter Munga has temporarily halted the auction of his 75 million Britam shares, valued at over Sh500 million, after his wife, Rose Njeri, filed a successful court application claiming the shares are matrimonial property.

Njeri argued that her husband pledged the shares to ABC Bank as security for a loan without her consent. The High Court agreed that she had an arguable case and issued an order stopping the auction until her petition is heard and determined.

The move comes months after Munga failed to stop auctioneers from selling the shares to recover a Sh433 million loan advanced by ABC Bank. Justice Alfred Mabeya had earlier ruled that the loan remained in default and allowed the bank to realize its security.

The couple’s new legal strategy mirrors a similar case involving former Cabinet Secretary Moses Kuria, whose wife also moved to court earlier this year to prevent the sale of their properties by Equity Bank over a Sh54 million loan.

Munga, the founder of Equity Bank Group, has filed several suits challenging ABC Bank’s efforts to sell his shares, but courts have previously criticized him for attempting to obtain favorable orders through multiple filings in different courts.

The High Court’s latest injunction provides Munga and Njeri temporary relief, pending a full hearing on whether the shares qualify as matrimonial property.