Billionaire businessman Peter Munga has settled an outstanding loan with Jamii Bora.
The payment has averted the auctioning of his Sh. 400 million property.
Apparently, the outstanding debt stood at Sh. 25 million which he had guaranteed a friend.
Galaxy Auctioneers last week invited those interested in buying Mr Munga’s five units of four-bedroom maisonettes in Kasarani’s Stone Groove Estate to be present at an auction that was to be held at the end of this month.
Galaxy said in the notice that each house has a detached servant quarters.
Bidders would have been required to pay a refundable deposit of Sh500,000 to participate in the auction.
This is the latest in the many battles Mr Munga has fought with creditors — most of them involving his friends and private firms in which he is the controlling shareholder.