Garam Auctioneers has put up a residential property belonging to billionaire businessman Paul Ndung’u up for auction.
In a notice dated Tuesday, February 28, the auctioneers identified the building as a four-bedroom double-storey house.
The property is located in Gigiri, near the United Nations offices, Nairobi County.
The property sits on a 2.8 acres piece of land that also hosts a servant’s quarter, an office, an external kitchen and a carpot.
“All that parcel of land known as L.R. No. 7258/52 (I.R. No.22387) Gigiri Estate, Nairobi City registered in the name of Paul Wanderi Ndung’u g/t Simba Fresh Produce Limited,” the notice stated in part.
The auction will be held on March 21.
The billionaire led a quiet life until trouble began brewing at the betting giant firm SportPesa.
He shot into the limelight when his shareholding in SportPesa Global Holdings Limited drastically dropped from 17% to 2.83% in 2020 and his eventual delisting as a director in January 2021.
This resulted from a series of events that started in 2017 when Paul Ndung’u, who was then the fourth-largest shareholder, fell out with other shareholders.
He accused them of leaving him and another shareholder, Asenath Maina, from decision-making and management of the firm.
SportPesa had been operating through Pevans East Africa before it was rocked with battles with the Betting Control and Licensing Board and tax-related cases in Kenya.
The CEO Ronald Karauri and the other directors worked on a revival and comeback beginning in June 2020 under a new company named Milestone Games Limited (but retained the trade name SportPesa) leaving the two directors out.
The billionaire responded to this move saying;
“My removal as a director now means that only Ivaylo Bozoukov and Kalina Karadzhova are the directors of SPGHL where they made a fraudulent and unprocedural transfer of SportPesa trade name.”
SportPesa is currently operational after acquiring court orders to suspend the cancellation of its operating license albeit temporary.