Banks that gave Mombasa tycoon loans amounting to over Sh. 8 billion are set to start auctioning his 6,700 acres in a bid to recover their money.
KCB Group, NIC Bank and Bank of Africa (BOA) are among the lenders that had disbursed loans to various subsidiaries of the TSS empire, which subsequently failed to service the debts.
The tycoon’s assets are expected to go under the auctioneer’s hammer next Monday. According to a notice by Garam Investments Auctioneers, some of the properties that will be put on sale include idle and developed beachfront land in Lamu, Mombasa and Kilifi counties.
Prospective bidders will need to deposit between Sh1 million and Sh10 million before participating in the sale, indicating the high value of the properties.
Some 466 acres in Kilifi, also owned by TSS Salt Manufacturers, are also on sale, targeting investors with an interest in salt production.
