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Originally published by Nation Business
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business
October 23, 2024
11mo ago

End of the road for oil and gas tycoon as auctioneers target Sh3.6 billion assets

End of the road for oil and gas tycoon as auctioneers target Sh3.6 billion assets

Mombasa oil and gas tycoon Ibrahim Hussein Mahadi battles to save his properties from auction...

✨ Key Highlights

The future looks grim for Mombasa-based oil and gas tycoon Ibrahim Hussein Mahadi as Premier Bank targets his assets valued at Sh3.6 billion following unpaid debts.

  • Mahadi is facing potential auction of properties after defaulting on a Sh2.3 billion loan.
  • Key player includes Cashion Capital Institute LLC, which was claimed to be involved in financing but was found not to exist.
  • The court has halted the sale of a family home located in Nairobi’s South C while other properties have already been auctioned off.

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