By CONSTANT MUNDAMore by this AuthorThe auction of businessman and presidential candidate Cyrus Jirongo’s land in Kitale to recover a defaulted loan in the collapsed Dubai Bank fell through yesterday after bidders failed to match the reserve price. Valley Auctioneers, contracted by the Kenya Deposit Insurance Company (KDIC), failed to get a buyer who could match the Sh70 million reserve price for the 102.7 acres located 18 kilometres (km) from Kitale town, Trans Nzoia County. The highest bid, according to a source at the auction where journalists were locked out, was Sh42 million. Other defaulters include Zap Group (Sh889 million), Kwanza Estates (Sh412 million), Sololo Outlets, which is also associated with Mr Jirongo (Sh103.2 million) and Torino Enterprises Limited (Sh138.9 million), according to the audit report. “Kuza Farms & Allied has previously complained to Dubai Bank concerning fraudulent withdrawals on its account.

Source: Daily Nation July 05, 2017 18:00 UTC