Court declares Jirongo bankrupt, owes Sh700m
SECURED A LOAN FROM NBK USING KOGO’S 8 PROPERTY, WHICH WERE AUCTIONED AFTER HE FAILED TO REPAY The High Court yesterday declared former presidential candidate Cyrus Jirongo bankrupt after he failed to pay a Sh700 million debt. Justice Olga Sewe, of the commercial division, ordered an official receiver appointed as trustee of Jirongo’s estate. This is after it was proven Jirongo could not settle his debt to businessman Sammy Kogo. Kogo, through his eight companies, petitioned the court to issue bankruptcy orders against Jirongo. The order was granted on September 29, 2017. Jirongo secured a loan from the National Bank of Kenya using Kogo’s property, but he failed to repay. According to court papers, Jirongo was to settle his debt within 180 days. Subsequently the bank moved in and auctioned…