in

Cyrus Jirongo Declared Bankrupt Over Sh 700 Million Debt

jirongo
Cyrus Jirongo
jirongo
Cyrus Jirongo

The High court on Monday declared former presidential candidate, Cyrus Jirongo bankrupt.

Jirongo apparently failed to pay a Sh 700 million debt to the petitioner and businessman, Sammy Kogo.

Delivering the ruling, Justice Olga Sewe of the Commercial Court ordered that the politician’s estates be placed under receivership.

“Having heard the petitioner and having read the creditor’s petition, and having seen the exhibits, the court hereby orders that Shakhalanga Khwa Jirongo be adjudged bankrupt by virtue of the bankruptcy order,” the judge said.

“The court further orders that an official receiver be appointed as a trustee of the estate of the bankrupt.”

The court ordered that Masole, Linsala Enterprise, Bain Enterprises, Saman Developer, Gileta, Koit Developers and Kenete Enterprises Ltd be placed under receivership.

The former Lugari MP is also said to have acquired a loan from the National Bank but failed to repay within 180 days, as was required.

READ: Blow To Nakumatt Following The Closure Of Three Outlets

The lender then auctioned the property, held as security.

Also suing the politician is COTU Secretary General, Francis Atwoli over a Sh 110 million debt.

Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to news@kahawatungu.com

Written by Eva Nyambura

Content creator at Kahawatungu.com | Passionate about telling the untold story. Lover of life, music and technology. Simplicity is KEY

Email: news@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

knchr

KNCHR Report: 37 Died, 126 Injured In Post Election Protests

IEBC

Justice Mwilu And Lawyer Paul Muite Clash Over IEBC Case