Cyrus Jirongo’s farm is up for sale today over his failure to pay a Sh. 495 million debt.
Jirongo owes this money to the collapsed Dubai Bank and which the Kenya Deposit Insurance Corporation (KDIC) – the bank’s liquidators – wants settled.
The 41.56 hectares property belonging to Jirongo’s Kuza & Allied Limited will be auctioned by Valley Auctioneers at a price of not less than the Sh. 70 million reserve price. It is located in Chepkoilel, Uasin Gishu County, on the Kitale-Kapenguria Road, some 5.5km from Maili Saba trading centre. The set reserve price of Sh70 million values an acre on the vacant farm at about Sh682,000.
Mr Jirongo has been embroiled in other protracted legal disputes that saw him declared bankrupt last year.
The High Court found that the politician, who ran for president in last year’s elections. was unable to service his debts amounting to Sh700 million.