Companies

Buzeki reaches deal over Sh118m debt

buzeki

Mr Zedekiah Bundotich Kiprop. FILE PHOTO | NMG

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Summary

  • Businessman Zedekiah Bundotich Kiprop, popularly known as Buzeki, Tuesday withdrew an appeal seeking to stop the sale of 53 of his lorries over a debt of Sh118 million after reaching an agreement with his creditor.
  • Justices Martha Koome, Patrick Kiage and Agnes Murgor marked the case as withdrawn although the court was not told how the businessman, through his company Buzeki Enterprises, will pay Landmark Port Conveyors.

Businessman Zedekiah Bundotich Kiprop, popularly known as Buzeki, Tuesday withdrew an appeal seeking to stop the sale of 53 of his lorries over a debt of Sh118 million after reaching an agreement with his creditor.

Justices Martha Koome, Patrick Kiage and Agnes Murgor marked the case as withdrawn although the court was not told how the businessman, through his company Buzeki Enterprises, will pay Landmark Port Conveyors.

Justice Msagha Mbogholi had last year allowed Landmark to auction the vehicles to recover the money after Buzeki reneged on an agreement recorded in court in November 2018 which required his company to settle its debt in monthly installments.

The debt stems from a deal in which Buzeki agreed to sell two pieces of prime land worth Sh340 million in Mombasa County to Landmark, a warehousing firm, in August 7, 2015 Landmark paid Buzeki Enterprises Sh105 million for the deal in which the transport firm was expected to discharge a mortgage accrued in one of the properties after receiving the deposit but failed to do so.

Buzeki later asked Landmark to review the agreement, forcing the latter to demand a refund of its money.

Landmark then moved to court and successfully managed to attach 53 trucks and trailers in a bid to sell them and recover the debt.

Last year, NCBA joined the case saying it had an interest in the matter, having advanced Sh2.7 billion to Buzeki and which was secured by the lorries.

Documents filed in court by the bank indicated that the 53 trucks and trailers were part of the 289 trucks and 141 trailers financed by the lender between 2006 and 2016.

NCBA had faulted the decision by the High Court, allowing Landmark to auction to lorries.