The Central Bank of Kenya (CBK) has put a farm belonging to former Presidential aspirant Cyrus Jirongo on sale over Sh495 million debt owed to Dubai Bank.
CBK said it will auction the former Lugari MP's property in a bid to recover the cash he owes to the bank, which collapsed in 2015.
Kenya Deposit Insurance Corporation (KDIC), who is Dubai Bank's liquidators, wants the debt cleared. Valley Auctioneers, the firm hired to auction the property said it will sell the 41.56 hectares of land registered under the name of Kuza & Allied Limited at not less than Sh70 million reserve price.
The property located in Chepkoilel, Uasin Gishu County had been put on sale for Sh70 million in July last year, but failed to get a buyer.
The politician lost a court case where he was seeking to block CBK from putting his company under receivership over the Sh495 million the firm owed to Dubai Bank.
Kuza Farms and Allied Limited is among the six firms that CBK placed under receivership in 2017 after they were found to have defaulted on loans, as Dubai Bank went into statutory management in 2015.
The High Court had last year declared Jirongo bankrupt, after it found that he was unable to service his debts totaling to Sh700 million.
However, the bankruptcy orders were lifted two weeks later after he challenged the decision, arguing that it was prejudicial to his candidature in the October 26th repeat presidential poll.