This archive report was first published on 30 October 2019.
On October 30, 2019, Moi University workers faced the possibility of losing their prized nine-floor investment, Musco Towers, after it was placed on sale by liquidators.
Musco Towers, a nine-storeyed block located in Eldoret town along Elgeyo Road opposite Sirikwa Hotel, was put up for sale by Antique Auctions, which had received instructions to dispose of the property from the liquidators.
According to the auction notice, Musco Towers sits on a 0.114-acre plot and has two basement floors, seven fully-let shops on its ground floor, including an ATM lobby, and 14 offices in its mezzanine-floor occupied by rent-paying tenants.
The first to sixth floors are fully let to house University of Eldoret Town campus, while the seventh floor hosts nine privately rented-out offices. The eighth floor hosts five privately let-out offices and a restaurant.
The sale of Musco Towers was a result of the liquidation of Moi University Savings and Credit Society (Musco), which was ordered closed by then Commissioner of Co-operatives Mary Mungai in June 2018 for failure to abide by co-operative society regulations.
Ms Mungai appointed Hesbon Kiura and Joel Kipsanai as joint liquidators, authorizing them to take into their custody all the properties of the society, including books and documents necessary for completion of the liquidation.
