The fortunes of billionaire businessman Dr Thuo Mathenge seem to be waning as the auctioneer hammer comes down hard on his multi-billion property over Ksh197 million debt.
Family Bank, Jamii Bora and I&M Bank moved to court seeking orders to auction the businessman’s property.
Dr Mathenge owes Ksh95 million to I&M Bank, Ksh 121 million (Jamii Bora Bank) and Ksh80 million (Family Bank).
According to a notice by Graham Investments Auctioneers in one of the local dailies in Tuesday, Dr Mathenge’s five parcels of land will be auctioned.
Four of the parcels of land have been developed agriculturally while the other one is a commercial property.
His Brade Gate headquarters along Nyeri-Nanyuki highway is the commercial plot under auction while another 14-acre plot in Chaka, another in Kamiru and two others in Gacika area will be up for auction.
The Brade Gate centre is also home to Bantu One Africa hotel, a prestigious establishment in the county.
Brade Gate is his flagship multi-million poultry business. It is the heartbeat of name in the poultry business.
It houses the hatchery, machinery, administration block, a restaurant, a supermarket, bakery and printing press.
“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, gate house, concrete water tank, generator cage and semi-permanent structures,” reads the advertisement.
He tried to stop the auction but the courts threw out his petition.
In a past interview, Dr Mathenge who vied for Nyeri governorship in 2013 but failed blamed a bad economy for his woes.
He told Daily Nation that his woes are further compounded by the fact that banks are “predatory in nature”.
He said that all that was happening was a ploy to force him out of business adding that his property marked for auction was “undervalued”.
