Renowned Kenyan poultry tycoon Dr. Thuo Mathenge is on the verge of losing several properties over Sh197 million debt
Renowned Kenyan poultry tycoon Dr. Thuo Mathenge is on the verge of losing several properties over Sh197 million debt.
Three banks, Family Bank, Jamii Bora, and I&M Bank, moved to court seeking orders to auction the billionaire businessman’s property after he defaulted on loans.
Mathenge owes I&M Bank Sh95 million, Sh121 million to Jamii Bora, and Sh80 million to Family Bank.
A notice published in a local daily on Tuesday by Graham Investments Auctioneers indicates that the tycoon’s five parcels of land including four that are developed agriculturally, and commercial property, will be auctioned.
The commercial property in question is Mathenge’s Brade Gate Centre, a multi-million poultry establishment located along the Nyeri-Nanyuki highway.
The Centre houses the hatchery, machinery, administration block, a restaurant, a supermarket, bakery, and printing press, among other facilities.
“The parcel is divided into two sections: the administration and restaurant sections. The administration section comprises the administration block, hatchery block, bakery go-down with an extension block, store block, guest house, concrete water tank, generator cage, and semi-permanent structures,” reads the advertisement.
The other property under auction includes a 14-acre plot in Chaka, another in Kamiru, and two others in Gacika area.
Mathenge, who unsuccessfully vied for Nyeri Governor’s seat in 2013, tried to stop the auction but his petition was dismissed by the court.
In a past interview with Nation, he blamed a bad economy for his woes, further accusing lenders of being “predatory in nature.”
He also claimed that there was a plot to force him out of business, adding that his property that is earmarked for auction was undervalued.