Jirongo’s property auctioned over a Sh495m debt
Mr Cyrus Jirongo. He says he has been paying the debt. PHOTO | FILE |
Presidential aspirant Cyrus Jirongo suffered a major setback after he lost property worth millions of shillings after auctioneers attached his property for defaulting on a loan amounting to Sh495 million.
Valley Auctioneers sold 103 acres (41.56 Hectares) of land belonging to Kuza farms & Allied Limited.
The firm, located in Chepkoilel, Uasin Gishu County, and has a salt processing factory, was sold for over Sh65 million which was the reserve price.
The land was auctioned after Mr Jirongo lost a court case challenging a decision by the Central Bank of Kenya (CBK) to place his company under receivership for over Sh495 million that his firm owed to the collapsed Dubai Bank.
EMBARRASSING
A public notice by Valley Auctioneers stated that they were under instructions to sell the property.
“All that piece or parcel of land known as LR NO KAISAGAT/CHEPKOILEL BLOCK 6/ SAMBUT/7 measuring 41.56 Hectares an equivalent of 102.7 acres. The property is vacant,” read the public notice.
Journalist were barred from attending the auction as the auctioneer said it would not look good to his client and would not want to embarrass the presidential candidate.
However he had earlier told journalists that Mr Jirongo was in court contesting the auction and might delay the auction process but, he still went ahead and sold it.
60 DAYS
The buyer will be known after 60 days of viewing and verification of the details of the financiers or the auctioneers.
“All the interested purchasers are requested to view and verify the details as the financiers or the auctioneers do not warrant these,” read the public notice.
Mr Jirongo, who is vying for the presidency on the United Democratic Party (UDP), had claimed in court that the receivership was illegal.
Dubai Bank was placed under receivership in August last year after the CBK found it to be in breach of several banking regulations.
