City Billionaire Manu Chandaria in Trouble over Kshs6B Bank Loans

City billionaire Manu Chandaria is now entangled in a Kshs6 billion bank loan.

Kaluworks Limited, a firm associated with the tycoon, is reportedly facing an auction after it forfeited on multiple loans amounting to Kshs6 billion.

The firm allegedly owes the money to I&M bank, NIC Bank and Bank of Baroda among several others.

As a result of the loan, I&M bank already published notices threatening to auction the firm's assets.

“Duly instructed by I&M Bank Limited, the chargees to the above named property, (Forest View Flats, Ngara West), we shall sell by way of public auction for the recovery of $527, 887 (Kshs53 million)...which amount continues to attract interest until payment in full,” read the notice according to Business Daily.

NIC and Bank of Baroda, on the other hand, already characterised the money they loaned to the firm, running into millions of shillings, as non-performing.

They are allegedly considering pursuing legal action against the lender.

Kaluworks is part of Chandaria’s businesses under the umbrella name, Comcraft group.

Some lenders to the troubled firm further alleged that they awarded the loans majorly because Chandaria had been presented as the face of the company.

Chandaria, however, denied association with Kaluworks explaining that he stepped down from its board a few years ago.

He further divulged that he did not have anything to do with the company and the association was only created through him representing foreign firms.