Moi nephew's home to be auctioned over Sh. 378 million loan

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Home NEWS Moi nephew’s home to be auctioned over Sh. 378 million loan

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Moi nephew’s home to be auctioned over Sh. 378 million loan

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6th August 2020

Moi nephew’s home to be auctioned over Sh. 378 million loan

A nephew of the former late president Daniel Arap Moi is set to be auctioned to recover debt of Sh. 378.61 million. The debt will be recovered from Hosea Kiplagat who was also a powerful politician during the Moi era.

According to a report that appeared in a local daily on Thursday, the Bank of India is seeking to repossess Kiplagat’s expansive Karen residential home that sits on some five acres and associated company assets that include 11 pieces of land. This is after Kiplagat guaranteed and failed to repay loans by two of his companies Eldoret Concrete Poles Limited and Timber Treatment Limited.

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The public auction has been set for between August 25 and August 28 and will be conducted by Garam Investments Auctioneers. “Garam Investments said it would auction the five-acre parcel of land in Nairobi’s Karen area located along Quarry Lane off Bogani Road where an acre of vacant land costs Sh. 55 million on average,” said a report that appeared in the Business Daily.

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Describing the home of Hosea Kiplagat, Garam Investments said: “It is developed with a three-bedroom (master ensuite) main house complex, son’s two-bedroom guesthouse (one suite), a three bedroom servants’ quarter, a garage and car wash bay. It has a double-storeyed business room and guest entertainment block, a swimming pool (with fountain) and a baby pool, sauna and steam bath complex (with Jacuzzi), Office block complex, squash complex, three green houses and two beehives.”