NOCK Building in Upper Hill to Be Auctioned Over Ksh400 Million Loan
The National Olympics Committee of Kenya (NOCK) is fighting to save its stalled Ksh1.2 billion construction project in Upper Hill, Nairobi.
The construction started in 2014 for what was supposed to be NOCK PLAZA, the headquarters for the Olympics management body in the country.
Sidian bank, which was the main financier, has put the building under the hammer over Ksh400 million, which was the first installment of the total Ksh800 million that they were supposed to inject into the project.
In an advertisement in a local daily on March 18, the auctioneers announced, “Duly instructed by our clients, charges we shall sell the mentioned prime property by public auction on Friday, April 5, 2019, at our Auction Marty New Kireita Building, Kirinyaga Road at 11 am.”
As Nation reports, Sidian bank was supposed to inject Ksh800 million into the project and NOCK the other Ksh400 million as it was estimated the building would cost up to Ksh1.2 billion, NOCK had not remitted their part of the agreement.
In a bid to save the building late 2018, the body formed a building and property committee led by Kenya Volleyball Federation president Waithaka Kioni.
NOCK acting Secretary General Francis Mutuku disclosed that several proposals have been made including a government bail-out plan.
“The prospective buyers did not make any good offers,” Mutuku added
According to Anthony Kariuki, NOCK treasurer, the government was willing to bail them out but it did not have the money either.
“The government wants us to give then time, but Sidian wants its money now,” Kariuki claimed just after meeting Kirimi Kaberia, the PS for sports.
NOCK offices are currently based at the 2000 plaza, Mombasa.
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