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Former MP Loses Properties Worth Millions As Money Lenders Strike to Recover Unpaid Loans

A former member of parliament from the western region is facing tough financial challenges.The MP's luxurious wines and spirits shop was recently auctioned off by aucitoneers who descended on the property over an unpaid microfinance loan he had taken earlier.

Emerging details reveal that the former MP obtained a loan from the microfinance institution after losing in last year's general election so that he could restock his then-flourishing liquor business, but huge debts have threatened his financial stability.

A microfinance agency where he had borrowed millions obtained orders to dispose of the goods in his liquor business and recover Shs 10 million. Over the weekend, officers from the microfinance agency descended on his liquor business in the leafy suburb and carted away liquor worth millions.This has left a huge dent in his pocket, and he cannot operate the business.

The former MP's financial situation is so dire that it is also alleged that he recently lost his Nairobi home over unpaid bank-related debts.

 

 

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

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