Rift Valley billionaire DAVID LANGAT is being auctioned after RUTO short-changed him despite funding his campaigns - MORARA KEBASO is right (EVIDENCE).

Tuesday, October 1, 2024 - Billionaire businessman David Langat's empire has been thrown into unfamiliar territory after auctioneers put up his tea estate in Nandi for a forced sale.

This is aimed at raising an unknown amount of money owed to a local bank.

The move is seen as a blow given Langat is a close confidant of President William Ruto.

He heavily funded him during the 2013, 2017, and 2022 presidential polls.

Even though Ruto did not run in 2013 and 2017, Langat funded him.

His friends are wondering why the president has refused to bail him out.

“Ruto should be the first person to help him now. We wonder why he is not interested in this issue,” said an official aware of the issue.

Langat refused to comment on the latest developments. His close allies said he is shocked and stressed.

“He is worried because over 2000 people will lose their jobs,” said an insider.

Popularly known as DL, the tycoon made his fortune running his empire from Mombasa and has vast interests in real estate, agribusiness, hospitality, and the energy sectors among others.

Langat is among the businessmen from North Rift who backed Ruto's 2022 presidential bid in particular.

When Ruto visited Kapsabet in March 2023 for prayers, he was among the leaders who accompanied the Head of State but he has since kept a low profile.

He joins many other businessmen from the region to fall into such a situation. Others include Zedekiah Buzeki and Mishra Kiprop.

Pundits believe the latest move on Langat is politically motivated.

“They are targeting his estate for purchase at an auction which will be like a throw-away price. Those doing this are his alleged friends,” said an insider aware of the developments.

The insider said those close to the president are eyeing the estate and want to buy it at an auction.

He was recently named by the President to the National Investment Council and has invested in agribusiness, real estate, energy, and hospitality among others.

He had also accompanied Ruto on a trip to the USA.

 An insider added Langat’s troubles seemed to have come out in January 2024 when his company won a Sh60 billion tender to supply machinery at the Kenya Ports Authority but someone powerful cut the deal short.

Insiders say a call was made to KPA to force the management to award the tender to politician Edwin Yinda.

And when an Indian firm won a tender to print KRA stamps, Langat who was the local agent was locked out.

“The Indian firm was instructed to remove Langat from the whole deal and work independently or with others. This shows he was targeted,” said the insider.

The Koisagat Tea group of companies based in Nandi Hills comprises land measuring about 1,342 acres, plants, and machinery.

The auction notice stated that the land is developed with an exclusive tea zone for export-oriented commercial tea cultivation.

The estate also has 2.47 million tea bushes occupying 958.75 acres, 100,942 eucalyptus trees, and 2,223 cypress trees.

"Other portions of the tea estate are under residential use (managerial houses and labour camps). Woodlots are periodically harvested to provide wood fuel to the tea processing," the notice stated.

The tea estate also has two schools —Francis Kibet Memorial School and Koisagat Primary School - a factory section, a factory building, a storey administration building, estates and partnerships offices, a fuel station, a main store, factory workshop, a carpentry workshop, and weighbridge office.

There is also a chemicals store, factory washrooms, labour camps with shops, a social hall, managerial houses, guest houses, a swimming pool and a chairman's residence.

His troubles with auctioneers became public on Monday, drawing public attention to a man who has largely kept off the limelight.

A source at the auctioneer said they hope to sell the expansive tea estate at Sh1.9 billion in the forced sale.

The auction notice stated that the land is developed with an exclusive tea zone for export-oriented commercial tea cultivation.

“All intending purchasers are requested to view the property and verify the details as these are not warranted by the auctioneers. A deposit of 10% for each property should be paid in cash or banker's cheque at the fall of the hammer.”

“The balance will thereafter be payable within ninety (90) days for each property to the chargee's advocates. A bidding deposit of Kshs 10 million for Each property by way of banker's cheque(s) will be mandatory.

"Please note that failure to pay the balance by the confirmed purchaser will result in forfeiture of all deposits paid,” the notice says.

“All the aforementioned property details of encumbrances including names addresses e.t.c. together with user and any other restrictions plus rates/rents payable will be made available on request at our offices. 

"Sale of the above property will be subject to reserve prices and land board consent if applicable,” the notice published in a local daily read.

Via Cyprian Nyakundi.

The Kenya DAILY POST.