[SIZE=7]1. Beach Hotel[/SIZE]
Along the white sandy beaches of Nyali, Mombasa, tall palm trees wave behind a beautiful Sh6 billion resort. Scenic as it may be, it has been on sale for the last three years. The owners of the hotel have yet to find a buyer.
Despite their intense efforts to go after even international investors, no buyer has shown interest in snapping up this gem that overlooks the Indian Ocean. Now, out of desperation, they are willing to take half what they wanted - they will settle for Sh3 billion.
The owners of the hotel are not alone. If anything, they are perhaps better off than many other owners of property that is in distress who cannot get buyers, even at cut prices.
In an even worse position are banks that have repossessed properties from defaulting clients and put them up for auction, but these are largely unsuccessful. The auctioneer’s hammer will not fall.
▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓ [SIZE=7]2. Njenga Karume’s Jacaranda Hotel[/SIZE]
Billionaire Njenga Karume was a meticulous planner who settled all loans before his death, leaving his estate, including the Jacaranda Hotel in Westlands, Nairobi, debt-free. When he breathed his last on February 24, 2012, there were some Sh300 million that would cover unforeseen events and medical bills.
Part of the cash, Sh149 million, would be placed in fixed deposit accounts. That only happens in families that have made it.
Three days after his death, the last charge against Jacaranda Hotel by a syndicate comprising KCB and Equity Bank was to unshackle the prime property.
Two years into his death the trustees he entrusted with his wealth trudged on what is turning out to be a slippery path to the imminent auctioning of Jacaranda Hotel.
Court documents relating to various petitions involving the management of Karume’s estate have helped piece together the history of the four-star hotel through its highs and today’s lows.
It is a tale of questionable management strategies and possible fraud in a facility that was at the heart of Karume’s vast wealth.
Jacaranda was significant in building the empire, considering the number of times it has been used as collateral in bank loans.
▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓ [SIZE=7]3. Gideon Moi[/SIZE]
[SIZE=4]Moi’s family wrangles are also simmering as we speak with[/SIZE] [SIZE=4]Gideon being Mzees most trusted boy facing an uphill task of safeguarding his dad’s loot. The big boys want the companies shared equally among them but Gideon is opposed to that. Lets see what happens next[/SIZE]
Moi distributed most of his wealth before death. By September last year Grandkids were fencing and building homes in their allotted shambas.
Karume trusted some crooks called trustees more than his Kids. A
Michuki Kids warngles have been bad for Windsor. It is also a fact that when in power you can direct business to your hotels. Even private sector will come and pay. Who would want to fail to pay bills owed to a Security minister.
After Ruto loses power Weston will suffer loss of clientele.
Tinga has used his position to direct major events to his hotels in Kisumu
Buda…Everything is going according to plan. The elites have realized that they cannot boost the economy on their own, so they are inviting foreigners to do so on their behalf…
I expect the buyers of these properties to be foreigners as they set up operations in Africa for the coming 2 or so decades. African labour is the cheapest in the world and African elites are taking loans against this African labour. Ama why do you think China et al., is confident that African countries will repay their debts?
Expect more foreigners in Kenya by the end of 2020. By 2021 expect 2 or 3 foreign companies, with Kenyan CEOs as figureheads, to be listed on the NSE. These will be mostly agricultural based companies kina Twiga foods and the rest. By 2022, slavery 3.0 will be full effect for 2 decades before Africans wake up again and then slavery 4.0 will be initiated…
Ever ask yourself why KRA is becoming more and more efficient? What is their end game? To formalize the informal economy, once MPESA falls (and it will fall); that’s when foreign companies will be confident that they can recoup their investment.
The first wave was lending and betting companies and the second wave will be agricultural-based companies (Twiga + Textiles like in Bangladesh).