Hosea Kiplagat, a Moi-era politician now risks losing his Karen home over a Ksh378 million debt owed to the Bank of India.
Kiplagat, also a former chairman of the Co-operative Bank of Kenya, is said to have guaranteed two firms, Eldoret Concrete Poles Limited and Timber Treatment Limited to take the loan on May 14, 2018.
Debt recovery firm Garam Investments has announced the auction for Kiplagat’s home between August 25 and August 28, amid a court order temporarily freezing the sale of the home.
“It is developed with a three-bedroom (master ensuite) main house complex, son’s two-bedroom guesthouse (one suite), a three bedroom servants’ quarter, a garage and carwash bay. It has a double-storeyed business room and guest entertainment block, a swimming pool (with fountain) and a baby pool, sauna and steam bath complex (with Jacuzzi), Office block complex, squash complex, three green houses and two beehives,” the auctioneers said.
Garam also targets 11 other pieces of land belonging to the two companies in a bid to recover the money.
In court papers, the two companies said that they sought a three-month moratorium for the loan in March due to Covid-19, but the bank did not respond.
The companies, in getting temporary orders to freeze the auction, said that they are looking for a new financier to take over the loan.
The two companies said that they borrowed the money to boost their working capital and purchase of tractors and machinery.