High Court OKs auction of Moses Kuria’s prime apartments over loan default
InvestAfrica-FZCO is registered in Dubai making it difficult to establish its ownership detains due to the country's strict laws
President William Ruto’s Senior Economic Advisor Moses Kuria is set to lose two prime apartments in Ruaka and Ruiru is Kiambu County for defaulting on payment of an undisclosed loan.
This is after High Court judge Aleem Visram stated that Kuria had failed to honor his financial obligations on the loan he took several years ago. The auction is scheduled for tomorrow.
Kuria, a former Cabinet Secretary, is believed to be the face behind InvestAfrica-FZCO, which through Briden Apartments, owns the two apartments – a five-story building in Juja generating approximately Ksh 541,000 in monthly rental income and another five-story block in Ruaka.
Those interested in buying the two apartments are required to pay a refundable Ksh 3 million deposit before bidding, according to notice put up by Garam Investments in March.
Kuria has previously denied association with InvestAfrica-FZCO, which was in the news when it acquired Kenya Orchards Ltd for an estimated Ksh 210 million.
Previously, it purchased a 35 per cent stake in Eveready East Africa.
Records show that the company is the beneficial owner of Smith & Gold Productions, which won a Ksh 259 million tender for construction Karatu Stadium during Kuria’s tenure as Gatundu South MP.
The former CS was listed as the beneficial owner until 2023, when ownership shifted to InvestAfrica-FZCO. His brother, Alois Kinyanjui, owns 300 shares in Smith & Gold Productions, while Emerging Capital Holdings, wholly owned by InvestAfrica-FZCO, owns the remaining 700 shares.
The company is registered in Dubai, United Arab Emirates, making it difficult to establish its ownership detains due to the country’s strict laws.
It was, however, in February 2023 when it received a Ksh 1.33 billion contract to import edible oils through its subsidiary Shehena Commodity Ltd.
