Valley Auctioneers issued a notice indicating that the property will be auctioned on April 26, striking a blow at the Nyeri politician’s bid to expand his poultry breeding business across East Africa.
The controversial TNA politician has strongly contested the sale of his property saying it is undervalued.
The politician told the court that the bank had undervalued his property at Sh58 million instead of Sh70million as earlier indicated by his hired valuers.
A poultry farm owned by Nyeri politician Thuo Mathenge is earmarked for auction to recover Sh30 million owed to Jamii Bora Bank.
Valley Auctioneers issued a notice indicating that the property will be auctioned on April 26, striking a blow at the Nyeri politician’s bid to expand his poultry breeding business across East Africa.
The facility, trading as Brade Gate Poultry Industry, where Mr Mathenge is its chairman, has capacity to slaughter about 1,400 chicken per hour and more than 30,000 daily. The advertisement said assets belonging to the politician’s five-year old company, standing on a 1.9 hectare parcel of land, a residential house, staff quarters, a one storeyed office block and the poultry will be sold.
The controversial TNA politician, who contested for the Nyeri gubernatorial seat on a Saba Sabaa Asili ticket and lost to Nderitu Gachegua, has strongly contested the sale of his property saying it is undervalued.
But his bid to oppose the auction in 2015 fell though when High Court Judge John Mativo dismissed his application, saying Mr Mathenge had been properly served and was in default of repayment leading to an increase in interest and penalty fees that were being charged at 27 per cent per annum.
The politician told the court that the bank had undervalued his property at Sh58 million instead of Sh70million as earlier indicated by his hired valuers.
The bank’s Debt Recovery Manager Rufus Macharia opposed the application saying Mr Mathenge had declined to heed three conditions where the bank planned to have his property re-valued, settle an instalment arrears of Sh 39,763 as well as recovery costs.
The trial judge dismissed Mr Mathenge’s application saying the bank had properly served him with a notice of the intended sale and that when he was served with the auction notice he defaulted on repayments.
Brade Gate was the first private hatchery to be established in Nyeri County which rears day old chicks that are subsequently sold to farmers.
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