Oil marketer Hashi Energy is set to be auctioned over billions of money it owes a local lender.
Hashi Energy, which is owned by local tycoon Ahmed Hashi, is claimed to owe local lender Ecobank up to Sh. 5 billion.
The business currently has operations in Kenya, Uganda, Rwanda, Tanzania, Zambia, and the Democratic Republic of Congo (DRC).
The properties that have been singked out for auctioning are located in Nairobi, Nakuru, Kisumu, Eldoret, and Mombasa. These properties will be sold in an auction set to take place on August 15, 2023. This auction will be conducted by Dalali Traders.
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“Under instructions received from the chargees’ advocates we shall sell by public auction the under- mentioned properties on August 15, 2023, at our offices along Kijabe Street starting at 10.30am,” Dalali said in the auction notice that was issued on Tuesday August 8, 2023.
Hashi Energy has been in operation for about thirty years, having initially started out as Hashi Empex Limited in Kenya. The company rebranded in 2008 with its foxus business stated as importation, distribution and marketing of petroleum products.
The oil marketer which was founded by Ahmed Hashi claims that together with its subsidiaries, it has been employing a total workforce of 500, with a growth rate of 5 to 10 per cent per annum. The majority of its workforce has been in Kenya.
The firm first showed signs of financial distress in March 2023 when it announced that was intending to go into voluntary administration over financial difficulties.