Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Property auctions surge as defaults hit Sh674bn
Industries and other businesses have frozen their activities in response to the sluggish economy, leading to job cuts as profitable firms report reduced earnings.
At a yard in Nairobi, cars are packed to the brim waiting for bids at auctions where there have not been enough buyers lately, a mounting problem in Kenya as share of loan defaults hit a new 18-year high in August.
A soft economy and costly loans have given birth to a rising number of distressed borrowers whose assets from homes to cars and furniture are being seized by aggressive banks.
