Business
Genghis Capital Faces Auction Over Unpaid Debt
Nairobi – Genghis Capital, a Nairobi-based investment bank, is facing significant financial distress as auctioneers move to sell its office assets to recover a debt of $2.74 million (approximately Sh354.55 million) owed to South African businessman Auswell Mashaba.
Moran Auctioneers have already listed various office items for sale, including furniture, electronics, and office equipment, in an attempt to satisfy the debt. This includes 16 desktops, 13 metal cabinets, 17 wooden cabinets, a five-seater leather sofa, two television sets, a fridge, and multiple laptops, chairs, and desks.
In a desperate move to halt the auction, Genghis Capital sought legal intervention. On Monday, the firm went to court to block the sale. An order from the High Court dated January 14, 2025, instructed the auctioneer to sell the attached properties after a 15-day notice period.
The legal battle stems from a loan of $2,265,000 (Sh293.08 million) issued by Mashaba to Genghis Capital on January 25, 2017, with an interest rate of 7.25 percent. After failing to repay, Mashaba sought a judgment for $3,100,000 (Sh401.13 million) plus continued interest.
Court records show that former Managing Director Geoffrey Gangla admitted the default on February 18, 2020. A subsequent agreement on October 18, 2021, stipulated that Genghis Capital would pay $2,950,000 (Sh381.75 million) plus interest from October 15, 2020, with specific payment deadlines. However, only $1,115,565 (Sh114.35 million) has been paid, leading to the current auction proceedings.
This scenario underscores the financial pressures facing some investment banks in Kenya, highlighting the risks involved in high-stake financial engagements.
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