Manu Chandaria kshs. 6 billion consolidated debt.

[SIZE=5]Trouble in paradise. If the mbirrions were not legit…[/SIZE]

[SIZE=7]How Manu Chandaria’s 6 Bedroom Mansion Worth Ksh 1.2 Billion Looks Like [Photos][/SIZE]
AustineBarasa1d

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In January last year, reports emerged that billionaire business mogul cum philanthropist Manu Chandaria who was robbed yesterday night was on the brink of being auctioned over a Ksh 6 Billion consolidated debt that his Kaluworks Ltd company owed to several banks.

To prove that things were serious, the lenders went ahead to appoint a valuer for Chandaria’s property in preparation for him to be auctioned.

Among the properties that were on the list of being auctioned was his Muthaiga located mansion which he’s called home for as long as he can remember.

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Many Chandaria’s home [Photo courtesy: Press Kenya]

As mentioned earlier, the home is located in the leafy Muthaiga Estate in a neighborhood that’s home to several ambassadors and even former President Mwai Kibaki.

In the 2019 valuation, it was established that the house was on a 5.1 acre piece of land which together made it worth Ksh 1.2 billion.

It’s surrounded by trees among them being a bamboo species as well as a beautiful garden in the compound.

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The stone house is painted white on the outside and has grey roofing tiles.

It’s pavements are made of concrete and stones and not ceramic tiles like the case for many modern homes.

For extra security reasons, the house has grills installed on all windows and doors as seen in the photo below;

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Inside the house, there’s a vacuum lift that Chandaria who is an engineer by profession installed to help him safely move up and down between floors after falling down the stairs once.

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[SIZE=7]Chandaria firm guarantor to lose property in Sh6bn debt[/SIZE]
[SIZE=5]The firm’s financial woes forced underwriter, Sanlam Plc write off Sh1.15 billion. This saw the insurer record a net loss of Sh1.53 billion net loss in the first half of 2018.[/SIZE]
In Summary
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[li]An insider who begged to remain anonymous told the Star yesterday that the firm’s sales were intact, pointing the financial woes to mismanagement.[/li][/ul]

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Manu Chandaria. Photo/File

Property of Juhudi Investment, guarantors of Kaluworks Limited, a subsidiary of billionaire Manu Chandaria’s Comcraft Group, is facing the auctioneer’s hammer over default.
An advertisement by Keysian Auctioneers placed in a local daily Wednesday shows that Juhudi Investment’s property whit sits on a half an acre piece of land along Forest Road in Nairobi will be sold to recover unstated amount of money borrowed by Kaluworks.
This is a repeat of the same scenario witnessed in January last year when local lenders including I&M Bank, NIC Bank and Bank of Baroda instructed auctioneers sell off properties belonging to Kaluworks and its guarantors to recover Sh6 billion debt.

Kaluworks, one of Kenya’s leading manufacturers of aluminum utensils and roofing sheets,has been struggling financially over the last few years on the back of weak sales and increased competition from other cookware manufacturers.
The firm’s financial woes forced underwriter, Sanlam Plc write off Sh1.15 billion. This saw the insurer record a net loss of Sh1.53 billion net loss in the first half of 2018.
The firm started hitting rock bottom in 2012 when it issued the Sh1 billion bond with a tenor of seven years to fund its expansion plans, which saw its debt position soar to Sh4.6 billion at the end of 2012, compared to Sh1 billion in 2008.
Although it managed to payoff the bond two years before maturity to improve its creditworthiness which had been downgraded by South Africa’s Global Credit Rating company to BB from BB+, its financial woes worsened by the entry of cheap imports from China.
An insider who sought anonymity told the Star yesterday that the firm’s sales were intact, pointing the financial woes to mismanagement.
‘‘The firm can hardly meet current demand. Apparently they have to purchase raw materials from another local subsidiary …we know how the story goes,’’ he said, alluding to inside trading.
‘‘A client recently placed a huge order with these guys and they are unable to deliver. Lorries from as far as DRC camping at the factory for weeks as they cannot deliver. It is not a sales issue,’’ he added.

Communication officers both at the firm’s Nairobi head office and Mariakani were reluctant to comment or connect us to the managing director.

how can i accumulate such debt ?

Identify a business niche, partner with a powerful political family, corner the market ruthlessly by kicking out and destroying any competition and after you become a certified over confident mbirrionea float a massive bond or loan as the Good Lord awaits with his whip…

You will be surprised at how quickly that debt will grow.

I

Compounded interest rate.

Sitaki.

They claim his Comcraft group has annual sales of $4 billion worldwide and 30,000 employees. How come he can’t pay a $6 million loan?

kenyan indians are thieves ameficha pesa india , kukiharibika atachukua flight na familia waishi Gujarat provnce bila kusumbuliwa kama Somaia and owner wa collapsed Delphis bank and others

He might as well. He was 85 in 2014. So he is 90 now. Not too much longer left.

Akienda atawacha a perfectly planned succession/protection for his loot. Darshan Chandaria meets PORK
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Low-IQ native’s love of gossip and lack of business aptitude in full display.

It’s on the news though.

This man was once hosted by a TV show. People go thru alot beyond the money and property

Lakini kuna industrialist mzuri kweli hii dunia? That mass murderer hoodlum Bill Gates didn’t become number 1 by being fair and nice.

He had the whole Bill Clinton U.S govt machinery behind his ass endorsing his products. And he has cornered his niche of the market for nearly 40 years now. You must know the right people.

News is majorly a collection of gossip stories coupled with ugly videos shot by mass communication students and presented by lower cadre ,moron iq anchors that coul not make the cut off for Public Uni and opted for diplomas at Daystar.

He is even on several Wall street articles in NewYork. He is a very well respected fellow. Business is business.

The house architecture mmmhh

To be rich you must have debts. Most rich people are servicing loans.