Kenyan Poultry Billionaire Thuo Mathenge to Lose Several Properties over Sh197 Million Debt
Renowned Kenyan poultry tycoon Dr. Thuo Mathenge is on the verge of losing several properties over Sh197 million debt.
Three banks, Family Bank, Jamii Bora, and I&M Bank, moved to court seeking orders to auction the billionaire businessman’s property after he defaulted on loans.
Mathenge owes I&M Bank Sh95 million, Sh121 million to Jamii Bora, and Sh80 million to Family Bank.
A notice published in a local daily on Tuesday by Graham Investments Auctioneers indicates that the tycoon’s five parcels of land including four that are developed agriculturally, and commercial property, will be auctioned.
The commercial property in question is Mathenge’s Brade Gate Centre, a multi-million poultry establishment located along the Nyeri-Nanyuki highway.
The Centre houses the hatchery, machinery, administration block, a restaurant, a supermarket, bakery, and printing press, among other facilities.
“The parcel is divided into two sections: the administration and restaurant sections. The administration section comprises the administration block, hatchery block, bakery go-down with an extension block, store block, guest house, concrete water tank, generator cage, and semi-permanent structures,” reads the advertisement.
The other property under auction includes a 14-acre plot in Chaka, another in Kamiru, and two others in Gacika area.
Mathenge, who unsuccessfully vied for Nyeri Governor’s seat in 2013, tried to stop the auction but his petition was dismissed by the court.
In a past interview with Nation, he blamed a bad economy for his woes, further accusing lenders of being “predatory in nature.”
He also claimed that there was a plot to force him out of business, adding that his property that is earmarked for auction was undervalued.
Comments (7)
When it rains it pours the rich also cry surely you knew when taking those bank loans they were to be repaid with interest time to look for “friends” in “high places”
Thuo is a normal man and has created jobs around Nyeri . Covid like most of us has not been kind to him but he is alive and that is what matters . the the banks should give him time . the properties will not bring the total it will only ruin him and his workers .Thuo Mathenge has created jobs unlike the current and past Nyeri politicians
True, but don’t get rich on someone else’s dime! The banks have come to collect- which actually is their job!
Dr. Thuo Mathenge...
Money and power go together.
You had money but you wanted power..
You invested in politics and lost.
Please have a game plan.
With every investment, there is always risk of losing....politics didn't work for you.....please do another investment....you're a smart guy.
But, I feel your pain brother.
Somebody used to write about this dude on Mwakilishi last year. Where is he or her?
This story doesn't add up. If he is a billionaire, he has at least shillings one billion in liquid and or assets. That means he has Sh1,000 {thousand} millions. Why cant he pay the Sh197 millions he owes and keep the difference of Sh803,000,000 millions. Am I missing something?
@ mugathe the media is an ass they call everyone who owns something a billionaire a billion they never saw . I am sure Thuo would not like to sell his property if he can pay . auctioneers undervalue assets . never buy vitu ya haramu by auctioneers or those who engage them