The United Democratic Party presidential candidate Cyrus Jirongo is set to lose Sh102 Million after the court failed to stop the auction of his property.
Appearing before Justice Grace Nzioka, Jirongo was unable to block the sale of his 102.3 acres of land Trans Nzoia County which was advertised for auction a week ago.
The land under Kuza Farms & Allied Limited was put up for sale after the former Lugari Member of Parliament failed to settle a Sh495 Million loan borrowed from the collapsed Dubai Bank.
Jirongo, however in his defence, indicated that he had only borrowed Sh100 Million through his firm in 2009, a debt he claims was fully paid.
"The sum of Sh495,289,931 demanded by the defendant is astronomical and not based on any contract," reads his court papers.
Kuza Farms was in 2016 placed under receivership by the Kenya Deposit Insurance Corporation after being listed as one of the firms that had defaulted on their loans.
Another of Jirongo's firms was also accused of failing to honour its Sh103 Million debt owed to the Dubai bank which collapsed with Sh1.7 Billion in deposits.
The Central Bank of Kenya (CBK), which put the financial institution under receivership, declared that it would punish the loan defaulters including auctioning their assets.
