Gems Cambridge Education founder Sunny Varkey has exited the Kwnyan market after selling his remaining asset in Kenya.
According to Nation, Varkey sold his shareholding in the Regis School in Runda to businessman Ernest Mureithi.
It is said that the he sold his investment in the school for Ksh 124 ($1), even as tycoon Peter Burugu takes over the management of the school.
The shares, 70 percent, were transferred to Mureithi though Varkey’s Ernestem Holdings, sources privy to the matter said.
The transfer comes at a time when NCBA Bank is reportedly demanding a loan repayment of Ksh 1.6 billion from the school.
At the same time, Mureithi has come out to deny claims that he has taken over the school’s management.
The businessman who has been the regional director for Gems Cambridge since 2016 argued that he is just a CEO.
Mureithi also denied claims that Regis School has been taken over, however, disclosing that Gems Cambridge has found buyers to take full ownership of the school.
He also explained that negotiations on the dispute between the school and NCBA Bank is ongoing out of court.
Closed campus
In 2019, GEMS Cambridge closed down its Karen campus and moved all learners to Hillcrest International Schools.
The school which was located in Magadi Road was purpose-built by a developer for GEMS Education at a cost of Ksh 3 billion.
GEMS Cambridge International School, which opened in 2012, was poised to compete with other international schools.
The school was charging an annual fee of up to Ksh 2.3 million.
