Ksh130 Million Loan Returns To Haunt Jeff Koinange As His Houses Face Auction
A Ksh130 million loan advanced to Citizen TV journalist Jeff Koinange by NCBA bank years has now returned to haunt him, as auctioneers knocked on his doors for his Kitisuru home.
Garam Investments under the instructions of the bank have announced that the two four-bedroom villas will be sold to recover the Ksh130 million bank debt.
Initially, the journalist had denied the reports, terming them as false.
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.
Read: Jeff Koinange Opens Up About Alleged Kitisuru Home Auction
Mr Koinange, a former CNN journalist currently working with Citizen TV, leads a lavish lifestyle, and is among the few people who drive a Mercedes Benz G-class in the country, valued at Ksh10 million before tax.
Business Daily reports that Mr Koinange was living in one of the villas and had rented the second one — which initially he had used for storing art pieces.
Garam say those seeking to buy the two villas through the public auction will need to place a deposit of Ksh5 million ahead of bidding for the prime homes, which are currently valued at Ksh200 million.