So Raphael Tuju will now lose everything he has ever worked for.
20 acres in Karen. His home there. Dari Restaurant and the ground it sits on. Etc.
Unless he convinces Mt Kenya mbirrioneas to come to his rescue by raising at least a mbirrion, dude is done and dusted.
Crazy.
How the mighty fall…
Deni ya 2.2 billion !!! Kumbe sina shida
Fagget Mijinga kïpiiiiii mumama zaidiiiii umekaaa hivi fuaaaaaa ukihara ukinyamba ukidunga ukinusa uvundo ukakuambia wewe na muhahe yooooooooote ya watu wenyu wewe ndiwe wa kwanza na hii stale news? Brare taktaka ghaseer imbilisi nyeusi cunt
Sugoi will accelerate this unless he go kneeling to him asking for forgiveness
Imagine! And the dude had entered a contract that said any issues will be arbitrated in England, where he lost the case…
You ain’t as sharp as you purport. One doesn’t just get a 2b loan for being stupid. Valuation fraud is the oldest trick in property based lending. Simply collude with credit managers and other bank executives to lend you against property that you wouldn’t otherwise be able to liquidate yourself then purposely default after a few instalments wachukue security that wouldn’t raise your loan balance were it to be sold in a forced sale.
Tuju lost this properties 3 years ago. I put the case on a thread here while you were on the other side. In fact it was before covid. And he was one of the Covid beneficiaries. Also remember he took a ksh 1b loan and used those properties as securities. I personally don’t think he is broke. Because where is that 1b. And that is 1b of yesteryear, it’s probably 2b today.
The loan amount was about 900m. Idea was to develop those plots and then sell. He would have made a crazy amount of money considering the location. But he started developing and then stopped without completing 2 or 3 units. He then got developers but by then he was in default so the lender would not grant him rights.
Boss, I may not be sharp as you are. But a walkby valuation of the properties Tuju will lose is about 1.5b.
20 acres in Karen at Sh1b at Sh50m an acre.
His home can easily be valued at Sh300m, and the restaurant at about the same.
Sometimes it’s not fraud, it’s over-reach. Successful people sometimes over-rate themselves…
Dude, the cases have been going on. Only two days ago was the entire estate put under receivership.
I also don’t understand the rest of your post.
Degree muhimu sana
He lost the case in England years ago then tries to argue in Kenyan court, where they upheld that ruling. As you know he will fight to death, although it’s a lost cause.
My post is that I doubt he is broke. Also remember he had property in upper hill that he sold. So he’s not fallen.
If I read the Nation story right, he over-reached. Most of the loan was used to buy the 20-acre plot on which he wanted to build retirement homes. He used the title, as well as that of his home and restaurant, as collateral.
When the homes didn’t take off his goose was cooked.
Only his Dolla billionaire pal Uhuru can save him now. He’s considering it, with an angle of course…
Oh, he sold the Upperhill plot? I thought it is collateral for another loan with BofAfrica?
2Billion property! Hii inakaa top ups.
These keyboard experts are sharp I tell you…
You are probably right, I read on another forum that he sold it.
I’ve always admired Tuju. Very brilliant dude.
When other successful njaruos were ferking themselves to death in dingy bars, he established Ace Communications and jumped onto the Aids BHC (behaviour change communication) gravy train.
At one time that company even had an office in Washington DC to tap into more dollars.
Njaruo Iko na akili sana…
Make up your mind; is Nation a credible.news source or a propagandist tool fit for kufunga nyama? Anyway, my thesis still stands. No bank will lend you that kind of money kama wewe ni garagaria haina akili. Tuju by your own admission ako na akili. If you follow the money, utagundua only a small portion was sunk into the property.
Harambee to get Ksh 2 billion, you gather people for such when you are properly seated in Government.