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Court orders Buzeki’s company to be auctioned to recover Sh118 million debt

The property of Eldoret businessman Zedekiah Bundotich Kiprop alias Buzeki is set to be auctioned to recover a long-standing Sh118 million debt.

The high court has approved his company, Buzeki Enterprises, to be enjoined in a suit brought by Landmark Port Conveyors in a land deal gone sour.

In the ruling delivered Friday by Justice Mbogholi Msagha, Buzeki was told that he had failed to live up to his word even as the court had given him the opportunity to pay the Sh118 million in Sh3 million shilling monthly instalments.

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In the case, Buzeki had entered into a binding sale agreement with directors of Landmark Port for the sale of two pieces of land in Mombasa worth Sh340 million.

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The complainant had paid Sh105 million shillings to Buzeki and he was expected to discharge the mortgage on the Mainland North Property but he did not. Instead, he asked for a review on the agreement, causing the buyer to demand a refund.

When Buzeki failed to refund, the buyer filed a case in court claiming his refund of Sh94.5 million, forfeiting 10 per cent and interest accruing from commercial bank rates.

The court issued an order to Moran auctioneers to sell the Buzeki company properties by auction to recover the money.

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