Relief For Kenyan Billionaire David Langat As Auctioneers Drop Plan To Sell His Properties

• Kenyan Billionaire David Langat's properties were set to be auctioned over a KSh 2.1 billion debt owed to a local bank
• However, Garam Investments Ltd spared him in a new turn of events but did not state the reasons for the cancellation
• The close ally of President William Ruto is the chairman and founder of the DL Group of Companies

Kenyan billionaire David Langat (DL) can breathe a sigh of relief after Garam Investments Ltd Auctioneers cancelled a plan to sell his properties.

The businessman's properties in Nandi and Mombasa were set for auction on Tuesday, August 1.

However, the auctioneers spared him in a new turn of events but did not state the reasons for the cancellation.

Langat owes a local bank a whopping KSh 2.1 billion, as reported by Business Daily.

David Langat's properties

Langat, a close ally of President William Ruto, is the chairman and founder of the DL Group of Companies, established in the 1980s.

The DL Group grew from its humble beginnings in the coastal city of Mombasa, with its earliest business ventures entailing the export and import of commodities such as electronics and furniture.

The company has diversified into various sectors like agriculture, real estate and manufacturing.

Among his properties that had been listed for sale is the Koisagat Tea Estate in Nandi county. The estate measures roughly 1,342 acres.

It comprises 2.47 million tea bushes on 958.75 acres of land, 100,942 eucalyptus trees and 2,223 cypress trees.

AEZ Pearl River

Langat rose to fame in 2017 when he, in partnership with the Guangdong New South Group, a Chinese company, initiated the KSh 200 billion Africa Economic Zones (AEZ) Pearl River Industrial Park in Uasin Gishu county.

The businessman said he was motivated to start the project expected to change people's fortunes in Uasin Gishu when he noticed the industrious efforts of young people in Eldoret streets in 2013.

Phase one includes a special economic zone, phase two a science and technology hub, and the next would be a recreational zone.

Paul Ndung'u's properties auctioned

In other news, former SportPesa chairman Paul Wanderi's multi-billion properties in Gigiri Estate and Laikipia were set to be auctioned.

Garam Investments Auctioneers said they were acting on the order given by Wanderi's advocates.

The announcement came a month after Pevans East Africa told the court that Wanderi ceased to be a member of the SportPesa board.