Over the last few weeks, some of Kenya’s leading banks and financial institutions have published notices in Kenyan newspapers announcing the auction of Kaluwork’s assets over its non-performing loans. Some of the banks Kaluworks is indebted to include I&M Bank, NIC Bank and Bank of Baroda. The banks have instructed auctioneers and debt collectors to auction off multi-million dollar properties including residential and commercial complexes owned by Kaluworks, which had been used to guarantee loans for Kaluworks after the firm failed to honor its obligations.
A senior executive of one of the financial institutions involved who sought anonymity because he is not allowed to speak to media said his bank loaned the money to Kaluworks because Manu Chandaria allegedly presented himself as the face of the company. Kaluworks is a subsidiary of Clovis Company Limited, a Bermuda-registered investment holding company that is owned by the Comcraft Group, of which Chandaria is the chairman and controlling shareholder.
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