Moi varsity sacco tower put on sale

Moi University workers could as early as Wednesday lose their prized nine-floor investment, Musco Towers hosting a town campus, after it was placed on sale by liquidators.

In a press advertisement Antique Auctions said it had received instructions to dispose of Musco Towers owned by Moi University Savings and Credit Society (Musco) that is now under liquidation.

“Duly instructed by our chargees, on October 31, we shall sell by public auction the nine-storeyed block located within a prime location in Eldoret town along Elgeyo Road opposite Sirikwa Hotel,” said the advert.

Musco’s ability to meet its financial obligations suffered a major setback June last year when it was ordered closed by then Commissioner of Co-operatives Mary Mungai following failure to abide by co-operative society regulations.

In a gazette notice Ms Mungai said: “I appoint Hesbon Kiura, principal co-operative officer of Nairobi and Joel Kipsanai, senior co-operative auditor of Iten, Marakwet County, as joint liquidators.

“They are authorised to take into their custody all the properties of the said society, including such books and documents as are deemed necessary for completion of the liquidation,” she said.

Musco’s fate was sealed at the end of last year when its deposit-taking licence was withdrawn by Saccos Regulatory Authority (Sasra) for failure to keep its books in order.

According to the auction notice, Musco Towers which sits on a 0.114-acre plot has two basement floors, seven fully-let shops on its ground floor including an ATM lobby and 14 offices in its mezzanine-floor occupied by rent-paying tenants.

The notice says first to sixth floors are fully let to house University of Eldoret Town campus, with the seventh hosting nine privately rented-out offices.

Eighth floor hosts five privately let-out offices and a restaurant.

With the revocation of licences, the society’s officials were ousted giving the liquidators powers to dispose of the properties if necessary to pay off mounting debts.