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Broke Former MP Erastus Mureithi to LoseEntire Property Portfolio over Sh1.6 BillionUnpaid Loan
Former Ol Kalou MP Erastus Mureithi is set to lose almost all properties registered under his name over a Sh1.6 billion unpaid loan.
This comes after Keysian Auctioneers put on sale thirty four parcels of land belonging to Mureithi for failing to service a Sh1.6 billion loan taken from a Nairobi bourse listed lender.
The property to be auctioned on December 5th include pieces of land near the Kenya Institute of Highways and Building Technology in Ngong, Business Daily reports.
“They (plots) are situated in Kibiko area of Kajiado County about 3.5kms north-west of Ngong town and a kilometre off the Ngong-Kimuka road,” reads the auction notice by Keysian Auctioneers.
The plots are registered under Suera Flowers, a rose flower company ran by Mureithi and his wife Susan.
Last month, a rival firm, Subati Group, purchased six pieces of land from Suera Flowers, in Nyandarua County for an undisclosed amount. The sale is part of assets disposal aimed at serving the loan.
Other properties set to be sold include residential houses, office blocks and greenhouses with horticultural crops.
His residential flats comprising of eight four-bedroom apartments in Nairobi’s Karen estate are set to be auctioned at Sh960 million while a 89-acre prime land located on the Nyahururu-Ol Kalou Road is expected to fetch Sh393 million.
