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Billionaire Buzeki’s Life of Debt

From grass to wealth, billionaire Bundotich Zedekiah Kiprop story is one to be written about, rising from hawking milk in the streets to making his first billion in his 30’s, however, behind the scenes, the man and his businesses are regularly in courts for failing to repay debt, and that is also something to write about.

Buzeki, derived from his full name, entered into a binding sale agreement with directors of Landmark Port Conveyors amounting to Sh340 million on August 17, 2015, for the sale of two properties in Mombasa County, a piece of land measuring 1.16 hectares in Section VI Mainland North and another 1.07 hectares in Section VI Changamwe Miritini.

The applicant paid Buzeki’s firm Sh105 million with Sh91 million paid through his bank account, Sh9 million in cash, and a later Sh5 million to the defendant director’s account.

Buzeki was expected to discharge the mortgage accrued on the Mainland North property upon receipt of the deposit and the balance of the purchase price, but he didn’t, Instead asking the buyer for a review of their agreement, this led to the applicant demanding for a refund of the deposit paid. Buzeki failed to refund the money.

The applicant moved to court and High Court deputy registrar’s office issued an order commanding Moran Auctioneers to sell Buzeki company’s properties by auction in execution of the judgment.

In 2017, the hire purchase company instructed an auctioneer to repossess a fleet of trucks belonging to a transport firm owned by the billionaire over Sh170 million debt. Synergy Industrial Credit Ltd (SICL) said the move was necessitated as a result of a breach of a sale agreement and failure to honor monthly installments due.

SICL ordered 119 vehicles belonging to Buzeki Enterprises Ltd seized and auctioned to pay off the debt leading to another suit by the East African transport and logistics company with over 130 trucks seeking to stop the auction. Buzeki said the auction was illegal as the Proclamation notice served through auctioneers failed to reflect an estimated forced of value of the trucks and trailers sought to be seized.

The court dismissed the suit.

Now, the country’s third-largest bank by assets, NCBA has moved to court to stop the auction claiming that Buzeki Enterprises owes it some Sh2.7billion, adding to the debt pile that has left creditors fighting for the Mombasa-based company’s trucks and trailers.

The bank says that the trucks and trailers are part of the 289 trucks and 141 trailers bought using the Sh2.7 billion loan and the auction would dilute the security of the loan owed by the haulage firm.

The Rift Valley businessman cum politician, however, lives very large, splashing millions of money particularly during his flopped seat election campaign in 2017.

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