By Peter Sagini
Debt is a thought that crosses the mind of nearly all citizens at some point. Rarely do we think politicians have the same financial worries of a common man. But wait, even political leaders who earn very good money and allowances have their fair share of financial struggles. Here are some of the political leaders who have either filed or were on the brink of filing for bankruptcy;
DON'T MISS: Stay informed with the latest news and interact with us on Instagram.
A former member of parliament for Lugari constituency was declared bankrupt in 2014 after the court found him unable to service his loans owed by eight companies amounting to 700 million shillings. Mr. Jirongo secured a Kes700 million loan from the National Bank of Kenya using properties in the companies’ names. The eight companies include; Marimio Enterprises, Saman Developers, Koti Developers, Masole Ltd, Baia Enterprises, Gilera, Linsala Enterprises, and Kenete Enterprises. Sammy Boit arap Kogo owns the companies.
A former member of parliament for Rongo constituency has been fighting a bankruptcy suit in the Court of Appeal over a debt that he owes Twiga Motors Ltd of about Kes20 million .The initial principal amount owed was 12.7 million. The amount rose to Kes20 million due to the interests and costs accumulating from the year 2008.
Mr. Gideon Mwiti, a former member of parliament for Imenti Central, found himself on the verge of being declared bankrupt by the Court of Appeal for failing to pay a debt Kes6.1 million. Mr. Gideon was running Akiba microfinance before its closure in 2005 after it was suspected to be operating a Ponzi scheme. Upon its closure, the company collapsed with the savings of over 6000 members.
Jackson Mutugi Mwangi
JOIN US: Stay informed with the latest Kenyan news and join the conversation on Telegram.
Mr. Jackson Mwangi found himself in trouble after borrowing up to a tune of Kes9 million from friends and failing to pay back. He borrowed the money for his campaign in the quest to be a Nairobi Member of Parliament. Sadly, he lost both quests in two consecutive terms in different constituencies (Starehe and Mathare constituencies) despite investing millions. The TNA politician filed for bankruptcy while serving his civil jail term.
Some other politicians who’ve gone broke also include;
Joseph Ndungu Njogu
Mr. Joseph Njogu, a former MCA at Ichagaki Ward in Muranga, used all resources in a bid to secure the seat for his second re-election, but he lost. An interview he held with Nation, Mr. Njogu informed the interviewer that he had used over 1.2 million in campaigns on money that he acquired from selling his assets. After losing the elections, Mr. Njogu was left with barely any savings to survive on, but luckily one of his friends secured a job for him as a storekeeper. A point to note, while serving as an MCA, he was earning over half a million each month.
As the saying goes, Rags to Riches, but others just made it to Rags again.
Former Garsen Member of Parliament Danson Mungatana is a man who has been making headlines for all the wrong reasons. From being conned millions of shillings to being accused of being a con himself. The MP is a pale shadow of his former self and has had to find some not so legit ways to stay afloat.
The once powerful politician in the Moi regime is facing the grim reality of his Karen home and other pieces of land he owns being auctioned over a kes378.61 million loan from the Bank of India. Hosea Kiplagat also served as the chairman of Co-operative Bank.
The Gatundu South MP is known for his acerbic tongue. That said, he is among Kenyan legislators facing hard times. Auctioneers are on his case over rent arrears amounting to kes7,250,0000. A letter from C.Mupathia Advocates directing Keysian Auctioneers to recover the arrears read in part:
“Hon Moses Kiarie Kuria is in arrears amounting to Ksh 7,250,0000 as per today (June 2), being arrears for 29 months from the period commencing January 2018.
“Kindly proceed with speed to recover all rent arrears plus your charges from the tenant…”
David Ole Sankok
In an interview with K24 TV, Nominated MP David Ole Sankok stated that he regretted joining politics and he won’t be seeking any elective post or accept a nomination in the forthcoming general elections. He said his position has dented him financially and he will be looking for something else to do.
“I was economically very comfortable before I became an MP and I have ever regretted becoming an MP. Trust me I will not go for a second term. The fastest way to become poor in Kenya is to become a politician…”
JOIN OUR COMMUNITY: Stay informed with the latest celebrity news on our WhatsApp community or by messaging the number +41774793952.