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Thika Tycoon James Gitau Stares At Losing Ksh 80 Million Property To Auctioneers Over Defaulted Debt

Auctioneers have landed on Thika tycoon Julius Gitau's property, months after he was allegedly kidnapped by unknown people and secured a locked in safe house in Gatundu North.

The auctioneers are trying to repossess property esteemed at Ksh80 million from Gitau to recover a defaulted debt of Ksh18 million. Among properties that are set to be auctioned incorporate 0.0482 acres of land in Majengo area of Thika where a five-story Kaharati Apartments sits and Happy Valley residential plot estimating 0.1927 acres of land.

Gitau, a multi-tycoon, worked his approach to business glory by beginning as a hawker.

However, when Covid-19 hit the country in March 2020, his investments were affected and needed to take credits to keep them afloat.

It is around the same time that he was allegedly kidnapped at gunpoint, pinned down and taken to a house in Gatundu, where he purportedly served as a houseboy for 75 days. Before his vanishing, he had allegedly composed a suicide note indicating that he was going through a financial havoc following the Covid-19 pandemic.

At the point when he at last showed up, Gitau was met with notices from auctioneers put on his shops. Following several months, Gitau set up a kiosk at Thika town's main bus park.

The Kiambu County Business Community, in his help, say that they see his present situation as a collective crisis.

"We have a few alternatives we are exploring, including looking for a strategic partner to buy off his loans so his collateral can be freed," Alfred Wanyoike, the chairman of the business community expressed."We can likewise move to court for stay orders forthcoming negotiations with the creditors. On the other hand, we can get competent buyers of one of the properties which will bring sufficient cash to offset the loan."

Content created and supplied by: TwinsM (via Opera News )

Covid-19 Gatundu James Gitau Julius Thika


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