Facts About Auctioning of Buzeki Property

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Here are facts about the auctioning of Buzeki’s Property:

Back in 2015, Mr. Samuel Mburu of Landmark Conveyors approached Mr. Kiprop Bundotich of Buzeki Enterprises Ltd with interests of buying his property in Port Reitz area of Mombasa. The property was valued and a selling price of Ksh. 340 million was agreed upon by the two parties. An agreement was drafted by lawyers and signed on 17th August 2015 where Landmark conveyors were to pay NIC Bank 148 Million to discharge the property which hasn’t been done to date.

Landmark conveyors made a deposit of Ksh.100 million to the vendor through his KCB bank with a commitment to clear the balance of Ksh. 240 million in 90 days after which the property could be transferred to the purchaser as per the agreement signed.

90 days lapsed and Landmark conveyors were in default on their commitment on clearing the balances and Buzeki out of the goodwill and the business cum personal relationship they had with Mr. Mburu/Landmark Port Conveyors decided to extend the grace period by a further 6 months making the grace period a total of 9 months from 90 days.

The 9 months lapsed again and Landmark Port Conveyors were still in default. After a while, instead of Mr. Mburu clearing the balances as committed in the agreement he came back asking for his deposit.

Buzeki Enterprises Ltd advised that they didn’t have an issue with refunding his deposit but since he had relegated on the agreement, he had to wait for the property to be reconveyed. Instead of keeping his part of the bargain Mr. Mburu is turning dramatic running from one media house to another propagating malice in an attempt to arm twist the vendor.

The issue is very straightforward and if Mburu and his company Landmark Port Conveyors are keen on maintaining their integrity they should clear the balances of Ksh. 240 million owed to BUZEKI.