Presidential aspirant Cyrus Jirongo suffered a major setback after he lost property worth millions of shillings after auctioneers attached his property for defaulting on a loan amounting to Sh495 million.

Valley Auctioneers sold 103 acres (41.56 Hectares) of land belonging to Kuza farms & Allied Limited.

The firm, located in Chepkoilel, Uasin Gishu County, and has a salt processing factory, was sold for over Sh65 million which was the reserve price.

The land was auctioned after Mr Jirongo lost a court case challenging a decision by the Central Bank of Kenya (CBK) to place his company under receivership for over Sh495 million that his firm owed to the collapsed Dubai Bank.

EMBARRASSING

A public notice by Valley Auctioneers stated that they were under instructions to sell the property.

“All that piece or parcel of land known as LR NO KAISAGAT/CHEPKOILEL BLOCK 6/ SAMBUT/7 measuring 41.56 Hectares an equivalent of 102.7 acres. The property is vacant,” read the public notice.

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