Home BUSINESS NEWS CBK to Auction Former Presidential Aspirant Cyrus Jirongo’s Land Over Sh495 Million...

CBK to Auction Former Presidential Aspirant Cyrus Jirongo’s Land Over Sh495 Million Debt

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CBK to Auction Former Presidential Aspirant Cyrus Jirongo's Land Over Sh495 Million Debt

The Central Bank of Kenya (CBK) has put a farm belonging to former Presidential aspirant Cyrus Jirongo on sale over Sh495 million debt owed to Dubai Bank.

CBK said it will auction the former Lugari MP’s property in a bid to recover the cash he owes to the bank, which collapsed in 2015.

Kenya Deposit Insurance Corporation (KDIC), who is Dubai Bank’s liquidators, wants the debt cleared. Valley Auctioneers, the firm hired to auction the property said it will sell the 41.56 hectares of land registered under the name of Kuza & Allied Limited at not less than Sh70 million reserve price.

The property located in Chepkoilel, Uasin Gishu County had been put on sale for Sh70 million in July last year, but failed to get a buyer.

The politician lost a court case where he was seeking to block CBK from putting his company under receivership over the Sh495 million the firm owed to Dubai Bank.

Kuza Farms and Allied Limited is among the six firms that CBK placed under receivership in 2017 after they were found to have defaulted on loans, as Dubai Bank went into statutory management in 2015.

The High Court had last year declared Jirongo bankrupt, after it found that he was unable to service his debts totaling to Sh700 million.

However, the bankruptcy orders were lifted two weeks later after he challenged the decision, arguing that it was prejudicial to his candidature in the October 26th repeat presidential poll.

 

6 COMMENTS

  1. Mpanda ngazi hushuka. This…
    Mpanda ngazi hushuka. This is the dude during the Moi era was top top there in the air. 500Ksh note was called Jirongo. He spend most of his money wooing women

    • Four wives.Na sijui hii…
      Four wives.Na sijui hii ukabila unatokaga wapi.All the four are from different tribes.His first Baba katika Sheria is millionaire cloth trader-Kimani from Ndenderu/Redhill,Kiambu.

      • The 4 are the known ones. …
        The 4 are the known ones. Mipango ya kando ndiyo mingi. Wait until he dies and women will pop-up from all over Jamhuri. eti he is the father of my children

  2. Jirongo, Uhuru, and Ruto,…
    Jirongo, Uhuru, and Ruto, were picked from “who knows where” and designed, educated, and programmed by Toroitich. Hawa wote mawatu ni matunda ya mzee wa Kabarnet!

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