Sharp Daily
No Result
View All Result
TALK TO US
Monday, December 11, 2023
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Why Stanbic Bank Is Auctioning Jubilee Party Headquarters

Cynthia Mungai by Cynthia Mungai
August 30, 2022
in News
Jubilee

Jubilee [Photo/Courtesy]

Share on FacebookShare on Twitter

The building that houses President Uhuru Kenyatta’s Jubilee Party headquarters was on Monday, August 29, 2022 put up fo sale by Garam Investments Auctioneers.

The building, Emani Business Center, was put up for auction due to Ksh.435 million debt owed to Stanbic Bank. According to those who are familiar with the loan, Stanbic Bank Kenya, a subsidiary of Standard Bank in South Africa, is attempting to recover millions of shillings for a debt that became overdue last year.

The building, which is located on 0.56 acres, is connected to a former high official in President Daniel Arap Moi’s administration who also served as a Rift Valley MP.

Garam Investments put the structure up for auction on September 11, 2022, in a bid to recover the loan.

Building That Houses Jubilee Party Headquarters Up For Auction

“Bidders will be required to produce a bidding deposit of Ksh5 million by way of cash or bankers’ cheque before being allowed to bid,” Garam Investments said in a public notice.

Forer Jubilee Party Deputy Secretary General Caleb Kositany in 2018 claimed the party was paying around Ksh90 million in annual rent for the seven-story structure. Mortgage defaults have increased recently, indicating a generalized condition of difficulty in the real estate market as Kenya’s economy recovers from the COVID-19 economic troubles and the pace of property auctions increases.

Auctioneers claim that the number of asset seizures has increased this year, but they are having trouble selling the assets in a market that is overflowing with repossessed cars, buildings, land, and office supplies.

Email your news TIPS to editor@thesharpdaily.com

Tags: Jubilee Party houseStanbic Bank
Cynthia Mungai

Cynthia Mungai

Related Posts

Raila Odinga Mmebers of parliament
Economy

Raila demands reduction of fuel prices by Sh50

December 10, 2023
Kindiki confirms recovery of 48 Worldcoin orbs and gadgets for forensic analysis
News

Parliamentary Committee to summon Interior CS Kindiki over North Rift insecurity

December 9, 2023
KQ Records Kshs 38.3 Billion Loss for FY’2022
Business

Kenya Airways announces flight disruptions for two weeks 

December 9, 2023
Government set to crack down unregistered colleges
News

Government set to crack down unregistered colleges

December 9, 2023
African nations call for clean cooking, seek support from developed countries
Economy

African nations call for clean cooking, seek support from developed countries

December 8, 2023
Not all govt parastatals up for privatization will be sold, Kimani Ichungwah
News

Not all govt parastatals up for privatization will be sold, Kimani Ichungwah

December 8, 2023

TRENDING

China Square to open second store at Waterfront Karen
News

China Square to open second store at Waterfront Karen

by Brian Murimi
October 25, 2023
Kenya rated best in world for human capital
News

Kenya rated best in world for human capital

by Nobert Saidi
December 8, 2023
Carrefour opens third store in the coastal region
Business

Carrefour opens third store in the coastal region

by Christine Akinyi
December 7, 2023
Auditor-General’s office explores AI for efficient public resource oversight
Technology

Auditor-General’s office explores AI for efficient public resource oversight

by Patricia Mutua
October 27, 2023
Sharp Daily

© Sharp Daily - News, money, property, finance, tech and more.

Navigate Site

  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Investments
    • Economy
  • Technology
  • Opinion
  • Real Estate
  • Features
  • Appointments
  • Sports
  • About Us
    • Meet The Team

© Sharp Daily - News, money, property, finance, tech and more.