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April 4th 2021 at 18:55:42 GMT +0300
Nine out of ten businesses in Kenya are family-owned. Most of them are small, table-top enterprises with family members as the only employees.
Available data shows that they contribute about 60 per cent of employment in Kenya, which is huge. Unfortunately, if a family owned business survives the problems associated with early deaths of Kenyan start-ups, they tend to die with the founder.
Many businesspeople prefer to bequeath their estates to their children expecting them to flawlessly pass on the baton to their grandchildren and great grandchildren, believing that only their bloodline will protect their vision. Most times, they are dead wrong.
THE STANDARD By
Economy Desk |
April 4th 2021 at 09:10:00 GMT +0300
Nine out of 10 businesses in Kenya are family-owned. Most of them are small, table-top enterprises with family members as the only employees.
Available data shows that they contribute about 60 per cent of employment in Kenya, which is huge. Unfortunately, if a family owned business survives the problems associated with early deaths of Kenyan start-ups, they tend to die with the founder.
Many businesspeople prefer to bequeath their estates to their children expecting them to flawlessly pass on the baton to their grandchildren and great grandchildren, believing that only their bloodline will protect their vision. Most times, they are dead wrong.
Jacaranda Hotel: Billionaire s Family Evades Auctioneer s Hammer in Ksh250M Case
Jacaranda Hotel located in Westlands, Nairobi.
Twitter
The planned auction of the multi-billion Jacaranda Hotel in Nairobi s Westlands area has been cancelled.
The hotel, owned by the family of the late billionaire Njenga Karume, was set to be auctioned on March 12, 2021, over a Ksh250 Million debt.
Karume died in 2012 after battling cancer, leaving behind an estate estimated to be worth around Ksh40 billion among the assets being the Jacaranda Hotel.
A notice by the auctioneers published on Monday, March 1, declared that the selling off of the establishment s assets would not take place as scheduled.
Billionaire s Family Risk Losing Multi-Million Hotel
Jacaranda Hotel located in Westlands, Nairobi.
Twitter
A report by
Daily Nation on Monday, February 15, indicated that the hotel is set to be auctioned on March 12 after defaulting on a Ksh250 million loan.
The hotel, a 128-roomed facility, has been the subject of numerous legal battles between the family and the creditor, having survived an auction in January 2020.
The publication indicated that the valuation of the property had already been done ahead of the auction event. The late Njenga Karume during an event.
It is reported that the hotel management took the loan and a further overdraft from a bank which is yet to be repaid.