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Giant Moi-era contractors squirm as auctions widen
An excavator owned by Nyoro Construction Company. Since January, at least five construction companies from the Moi era have faced auction over unpaid bank loans and other facilities.
A growing number of giant construction firms, which won big-ticket jobs under the late president Moi's reign, have run into financial headwinds after losing ground in a transformed infrastructure landscape dominated by Chinese players.
Crescent Construction Company is the latest in a string of cash-strapped legacy contractors to face auction, having missed out on the building boom that began under the Look-East policy introduced during the late President Kibaki’s tenure.
