Broke Former MP Erastus Mureithi to Lose Entire Property Portfolio over Sh1.6 Billion Unpaid Loan
Former Ol Kalou MP Erastus Mureithi is set to lose almost all properties registered under his name over a Sh1.6 billion unpaid loan.
This comes after Keysian Auctioneers put on sale thirty four parcels of land belonging to Mureithi for failing to service a Sh1.6 billion loan taken from a Nairobi bourse listed lender.
The property to be auctioned on December 5th include pieces of land near the Kenya Institute of Highways and Building Technology in Ngong, Business Daily reports.
“They (plots) are situated in Kibiko area of Kajiado County about 3.5kms north-west of Ngong town and a kilometre off the Ngong-Kimuka road,” reads the auction notice by Keysian Auctioneers.
The plots are registered under Suera Flowers, a rose flower company ran by Mureithi and his wife Susan.
Last month, a rival firm, Subati Group, purchased six pieces of land from Suera Flowers, in Nyandarua County for an undisclosed amount. The sale is part of assets disposal aimed at serving the loan.
Other properties set to be sold include residential houses, office blocks and greenhouses with horticultural crops.
His residential flats comprising of eight four-bedroom apartments in Nairobi’s Karen estate are set to be auctioned at Sh960 million while a 89-acre prime land located on the Nyahururu-Ol Kalou Road is expected to fetch Sh393 million.
Comments (9)
Greed,greed. Uncontrollable greed!! " How much land does a man need". You go for everything, you loose everything. Our people must learn capitalism without responsibility is anarchy. You are enticed to take loans that you don't need, then you destroy yourself and your family. For what? God help Kenya and our people!!!
1.6 billion? Man! Oh Man!!! The Filthy rich have to cry.
And yet their cry is caused by foolishness and entitlement. Their cry is not as painful as the poor Wanjiku who struggles to place food on the table. Once he shrinks down that big tumbo he will be able to know his way forward.
He is not filthy rich, he's 1.6 billion Kshs filthy poor!
Mtaka yote hukosa yote
I had a teacher who used to say, God will never come down and increase the size of the earth. Greed consumes. Be contented with whatever you have.
He is as irrelevant as a busted bubble.
@mgeni that's true.I wonder why u will have chunks of land yet u don't own them??But 1 or 2 is ok if u own them.The same thing i ask myself why work work until upto 60/70 instead of working saving then retire early at 55 yrs. n enjoy life travel the world that is after saving good cash??
Something is very wrong with us Kenyans. Where did all this greed phenomena come from? Thousands and thousands of billionaires but no satisfaction. Corruption has become a way of life. How does one legitimately end up owning over 35 parcels of land and yet become broke. A country where a siting governor is able to siphon billions of public funds for his personal use and no one raise the alarm until it is too late. What happened to our society whereby corruption is tolerated. It is no secret the quickest way to richness is thru a public gig where all sorts of corruption are at your disposal. The country is infected with corruption.