Creditors have instructed Garam Auctioneers to dispose of two town properties including 3.6 acres in Athi River.
They said two modern go-downs equipped with a boiler and production plant for TSS Grain Millers stand on the first piece located within Mavoko municipality, Machakos.
Also set to fall under the auctioneer’s hammer is a 5.37 acre parcel of land registered as Wafaa Industries.
Banks’ scramble for property owned by the late Moi era Mombasa-based tycoon Twahir Sheikh Said (TSS) has for the first time moved upcountry, now targeting industrial property.
In a newspaper notice, the creditors have instructed Garam Auctioneers to dispose of two town properties including 3.6 acres in Athi River. They said two modern go-downs equipped with a boiler and production plant for TSS Grain Millers stand on the first piece located within Mavoko municipality, Machakos.
The property described as prime was identified as hosting Darfords Industries with two go-downs measuring about 9,000 square metres. It has a 99-year leasehold issued in 1978.
Buyers seeking to acquire the multimillion properties were asked to deposit Sh10 million before being allowed to bid at the auction on April 18. It was used to secure a loan granted to TSS Grain Millers Ltd.
Also set to fall under the auctioneer’s hammer is a 5.37 acre parcel of land registered as Wafaa Industries.
While TSS was one of the most loved wealthy politician-philanthropist in Mombasa, he died a miserable man with his entire empire brought down to its knees by administrators when he was ailing and living abroad for treatment. Several people have been arraigned in court for obtaining money through dubious loans.
Other properties slated for sale by a raft of banks include palatial houses in Mombasa, a fully-fledged boutique hotel with 95 bedroom villas overlooking Indian Ocean, an office block in Mombasa, a coconut ginnery in Lamu sitting on 27.6 acres, 1.2 acres of vacant sea front plot and several go-downs in the coastal resort.
In January, Garam Investments Auctioneers also announced plans to auction idle and developed beachfront land in Lamu, Mombasa and Kilifi counties of more than 6,700 acres owned by the once well-connected tycoon.
An ailing TSS died last January leaving behind loans estimated at more than Sh3.5 billion procured through loans advanced to his various businesses.
The sale is expected to fetch billions of shillings, helping to retire the loans that are estimated to constitute the banking industry’s largest exposure to a single entity.
Among the affected banks are KCB Group #ticker:KCB, NIC Bank #ticker:NIC and Bank of Africa.
More properties could be put on sale in the coming days.
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