This archive report was first published on 10 July 2019.
Published on July 10, 2019, a report by Business Daily revealed that the late billionaire Njenga Karume's Jacaranda Hotel is facing auction over a debt of Sh. 257.6 million.
The hotel, located in Westlands, Nairobi, is one of the few surviving Njenga Karume hotels and businesses left behind by the late politician.
According to the report, the hotel has been put up for auction to recover the huge debt owed to Guaranty Trust Bank.
Regent Auctioneers will carry out the auction, which is set to take place on July 21, 2019, at their auction mart in Kireita building, Kirinyaga Road.
As per the auction notification letter, the hotel owner must pay all the debt due together with interest and costs incidental thereto to stop the auction.
The auction notice comes after the Kenya Revenue Authority (KRA) lined up auctioneers to recover value added tax (VAT) and Pay as You Earn (PAYE) arrears amounting to Sh. 153 million owed by the hotel.
However, the taxman had previously issued the Jacaranda Hotels Limited with an enforcement notice on January 12, 2018, seeking immediate payment of tax arrears amounting to Sh. 197 million.
