Jeff Koinange in loan deal with Kenyattas’ bank to avoid auctioneers

The houses in the high-end Kitisuru area sit on 0.67 acres and are each attached with a servant’s quarter. They will be sold on April 28. “The title is a free hold interest. The current annual rates payable amount to Sh. 16,500. The annual rates payable together with accrued penalties amount to Sh. 70,291 as at 27.01.2020,” the advert by Garam Investments says in part.

Mr. Koinange is said to owe the Kenyattas’ NCBA bank up to Sh. 65 million, which is the unpaid figure out of the Sh. 130 million debt. The debt is said to have fell into default last year.

Mr. Koinange, a former CNN journalist currently working with Citizen TV, is one of the highest paid journalists in Kenya. He is considered rich and flashy, with a monthly salary estimated to be at Sh. 2 million.

Already, the auctioneers had received interests from buyers who were willing to place a deposit of Sh. 5 million ahead of bidding for the prime Jeff Koinange house.