Kenyan University's Assets to Be Auctioned Over Ksh15M Debt
Jomo Kenyatta University of Agriculture and Technology (JKUAT) is set to lose assets in its former campus in Kigali, Rwanda.
JKUAT had rented a building belonging to Furaha Eugenes in 2012 where they opened the branch in the capital of Rwanda.
However, the university was ordered to shut it by the Higher Education Council of Rwanda as they did not meet the required education standards.
But by the time they were shutting down the campus, the debt had ballooned to Ksh38 Million which was to be paid in installments only to default with a balance of Ksh15 million.
Eugenes went to court which ordered the institution to settle the balance or have its assets sold for the landlord to recover his money.
Daily Nation reported that the Vice Chancellor pleaded with the Rwandese court to be allowed to cover the arrears in 24 installments.
“The closure affected university operations and hence no income was coming in from Rwanda, therefore, the difficulty in settling the debts,” stated Prof Victoria Wambui Ngumi the JKUAT VC.
The university was given until May 10 to settle the debt and Eugenes lawyer Bismark Osundwa announced in Nairobi that they would auction all the assets in building to recover the money.
Another campus by the same institution was shut down in Arusha, Tanzania, over the same regulations that applied to the Rwanda one.
Kenyatta University was also on the spot after it bought two buildings in Kigali and Arusha to open campuses but both were blocked from enrolling students.
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