Tycoon Peter Munga’s properties are now set to be auctioned over debt. The auction will target three of his properties and will be carried out by Legacy Auctioneering Services.
The notice by Legacy Auctioneering Services indicates that commercial properties measuring a total of 0.36 acres in Murang’a County will be auctioned on October 13, 2023. The land parcels are held on a leasehold basis.
Tycoon David Langat’s property to be auctioned over Sh. 2.1 billion debt
Legacy Auctioneering has also been mandated to sell an industrial-cum-residential property in Meru County sitting on 15.6 acres on October 17, 2023.
“The property is developed with a ginnery factory consisting five permanent go-downs, storage room, office, two ablution blocks, weighbridge, two servants’ quarters,” a notice by Legacy said.
The debt Munga is being auctioned over is allegedly to the tune of millions of shillings. The properties that have been targeted for auctioning are in Murang’a and Meru Counties.
In the upcoming auction, Munga’s drbt is said to have been guaranteed by Equatorial Nuts Processors, a business that is located in Maragua Town, Muranga County. .
This is not the first time that Munga is facing the threat of getting auctioned. In October 2017, he almost had this five houses in Nairobi’s Kasarani worth Sh. 400 million auctioned over a multi-million debt he owed Jamii Bira Bank (now trading as Kingdom Bank).
Munga has become the latest popular businessman in the country to face auctioning. In July, billionaire businessman David Langat escaped auctioning of his tea estate empire by whisker over a Sh. 2.1 billion debt.
