Moses Kuria is facing a major financial blow after the High Court allowed the auction of two apartment buildings linked to him. These properties are located in Juja and Ruaka and generate over Ksh 541,000 in rental income every month.
The ruling was made after it was found that Kuria had failed to settle a loan he took several years ago. Justice Aleem Visram refused to stop the auction, which means Garam Investments Ltd can now go ahead with the sale scheduled for April 8.
Interested buyers will have to deposit Ksh 3 million to participate in the auction. The buildings are listed under the name Briden Apartments.
Cyprian Is Nyakundi revealed the full details on his blog, Nyakundi Report. He exposed how both apartment blocks sit on prime freehold land. The Juja property is a five-storey building with eight one-bedroom units on each of the first four floors and two more on the fifth floor. It is just 250 metres from Thika Road.
The Ruaka property is also five storeys and has a mix of bedsitters, one-bedroom, and two-bedroom units. It is located only 160 metres from Limuru Road and near the Alma by Cytonn.
The Ruaka building has space for 15 cars on the ground floor, making it attractive to renters.The biggest mystery in the story is who the lender is and how much money Kuria owes. He has not revealed any details about the debt.
This is happening at the same time when there are new questions about his links to a UAE company called InvestAfrica-FZCO. This company shares Kuria’s postal address and has taken over firms that were once associated with him. Kuria has denied owning it, but documents show that the company owns Emerging Capital Holdings.
This company controls Smith & Gold Productions, which once got a Ksh 259 million contract to build a stadium in Kiambu. The firm changed ownership from Kuria to the UAE company just after getting the tender.
InvestAfrica-FZCO has also been active at the Nairobi Securities Exchange. It bought Kenya Orchards Ltd in a deal worth over Ksh 210 million and earlier purchased 35 percent of Eveready EA.
Now with the auction going ahead, Kuria’s personal and business dealings are under the spotlight again. Many Kenyans are watching closely to see how deep his financial troubles run and what more will be revealed about his business connections and shareholding arrangements, especially in public tenders and capital markets.
