An auction to sell a farm belonging to Kenyan Presidential candidate Cyrus Jirongo was unsuccessful after bidders failed to match the reserve price.
Kuza farm, a 103 acre piece of land in Kitale in the western part of Kenya was being sold to recover about Sh 500 Million that Mr Jirongo owes Dubai Bank (In liquidation). The auction for the property was conducted by Valley Auctioneers on behalf of the Central Bank and KDCI.
The best offer received during the auction was Sh 42 Million which was below reserve price of Sh 70 Million.
The politician is said to have been the lender’s largest borrower when the bank collapsed in August 2015. At the time, the bank had Sh 2.5 Billion in non performing loans.
Mr Jirongo was recently cleared by IEBC to contest for the presidency under the United Democratic Party (UDP). He joins a list of seven other eight president aspirants who want to oust President Uhuru come August 8th.