Friday, March 29, 2024

Billionaire Peter Munga’s Sh. 400 million estate to be auctioned over debt

Billionaire businessman Peter Munga’s Sh. 400 million estate has been put for auction over an unpaid debt.

Galaxy Auctioneers, in a notice published in the local dailies, 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 event to be held at the end of this month.

“Duly instructed by the chargee, we shall sell the under-mentioned property by public auction … The properties are registered in the name of Peter Kahara Munga,” the auctioneer said in the notice.

Galaxy said in the notice that each house sits on 0.02 acres and has a detached servant quarters.

The auctioneer said bidders would be required to pay a refundable deposit of Sh. 500,000 to participate in the auction.

But Mr Munga, through an aide, said he intends to settle the debt on Monday.

“The decision to auction the properties arose from Mr Munga’s decision to guarantee a friend,” said John Gitogo, the finance director of the billionaire’s Equatorial Nut Processors Limited.

“The amount owed is about Sh. 25 million and will be paid on Monday. Thereafter we shall recover the money from our friend,” he said, adding that Jamii Bora Bank is the creditor seeking to recover its cash.

Mr Gitogo said the houses have a far higher value than the debt, estimating each of the houses to be worth Sh80 million.

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