<\/p>\n\n\n\n
A company owned by controversial Isiolo North parliamentary aspirant Mwenda Thuranira stares at liquidation over bankruptcy following allegations of fraud and deep debt.<\/p>\n\n\n\n
A contractor, Teams Construction Company has filed an insolvency petition against Myspace Properties, founded by Thuranira, over a Sh110.7 million debt.<\/p>\n\n\n\n
According to Teams Construction, the amount, due as computed up to September 15, 2021, was the balance of the contractor\u2019s fees, interest and construction services rendered to the company for a contract that Myspace has failed to settle.<\/p>\n\n\n\n
Details emerging indicate that Myspace, founded by Mwenda Thuranira, who is running for parliament had hired the firm in November 2012 to build One Twiga Apartments off Links Road in Mombasa.<\/p>\n\n\n\n
Thuranira is running for public office in contravention to provisions of chapter six of the constitution Kenya 2010 on integrity owing to the accusations of fraud by his company that he formed after several year as a casual labourer abroad.<\/p>\n\n\n\n
\u201cUpon finalisation and handover of the project, in breach of its obligations under the contract, the company failed to pay to the petitioner the balance of construction fees due,\u201d said Team Construction in a petition through its lawyers, Shapley Barret and Company Advocates.<\/p>\n\n\n\n
They pursued arbitration and Justice E. Togbor (retired) was appointed arbitrator.<\/p>\n\n\n\n
After arbitration, the parties reached consent of arbitral award on September 4, 2014, which was adopted by the Court on December 15, 2015. However, Team Construction said despite repeated court action by the petitioner, including attempts to execute and constant reminders, the company has to date not honoured the decree.<\/p>\n\n\n\n
\u201cThe petitioner has not succeeded in tracing any attachable assets owned by the company and all attempts at execution have been frustrated by the Company including by hiring \u201cgoons\u201d and using rogue officers of the Kenya Police to forestall the same,\u201d says the construction firm.<\/p>\n\n\n\n
In the petition, Team Construction says vehicles attached for auction \u201cdisappeared\u201d after Myspace Properties hid or took them to unknown locations or transferred them to third parties.<\/p>\n\n\n\n
\u201cAll this was done with protection from rogue or compromised police officers,\u201d it noted.<\/p>\n\n\n\n
The petitioner was also unsuccessful in attaching shares and arresting the directors.<\/p>\n\n\n\n
The debt rose from Sh47.7 million and continues to rise owing to interest, court costs and penalties arising from agreed contractual clauses.<\/p>\n\n\n\n
\u201cDespite the company\u2019s director, Thuranira, giving a personal guarantee for the debt, no amount has, to date, been paid to the petitioner,\u201d Team Construction says.<\/p>\n\n\n\n
This has forced it to take the liquidation route. The firm wants a receiver appointed and the costs granted to the petitioner.<\/p>\n\n\n\n
In 2019, the Nairobi Security Exchange admitted Myspace Properties under the Ibuka Programme, an incubation and acceleration programme designed to boost firms with growth prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"
A company owned by controversial Isiolo North parliamentary aspirant Mwenda Thuranira stares at liquidation over bankruptcy following allegations of fraud and deep debt. A contractor, Teams Construction Company has filed an insolvency petition against Myspace Properties, founded by Thuranira, over a Sh110.7 million debt. According to Teams Construction, the amount, due as computed up to …<\/p>\n","protected":false},"author":6,"featured_media":12817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12815"}],"version-history":[{"count":1,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12815\/revisions"}],"predecessor-version":[{"id":12816,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/12815\/revisions\/12816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=\/wp\/v2\/media\/12817"}],"wp:attachment":[{"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodmorningkenya.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}