Guarantor

Prometheus

Village Elder
#3
Nairobi auctioneers yesterday placed billionaire businessman Peter Munga’s Sh400 million estate up for sale, citing his failure to settle an unspecified amount of money owed to a bank.

Galaxy Auctioneers, in a notice published in the local dailies, invited those interested in buying Mr Munga’s five units of four-bedroom maisonettes in Kasarani’s Stone Groove Estate to be present at an auction event to be held at the end of this month.

“The decision to auction the properties arose from Mr Munga’s decision to guarantee a friend,” said John Gitogo, the finance director of the billionaire’s Equatorial Nut Processors Limited.
 

Maraiyoiyo

Village Elder
#4
Nairobi auctioneers yesterday placed billionaire businessman Peter Munga’s Sh400 million estate up for sale, citing his failure to settle an unspecified amount of money owed to a bank.

Galaxy Auctioneers, in a notice published in the local dailies, invited those interested in buying Mr Munga’s five units of four-bedroom maisonettes in Kasarani’s Stone Groove Estate to be present at an auction event to be held at the end of this month.

“The decision to auction the properties arose from Mr Munga’s decision to guarantee a friend,” said John Gitogo, the finance director of the billionaire’s Equatorial Nut Processors Limited.
Thanks for this informative case study.
Was he placed in CRB? That is the question.
 

jaymoh

Village Elder
#12
what assets?

how do they know what assets you have?
For you to qualify as guarantor your bank statement should be better than that of the borrower. In saccos your shares must be more than half of what is being borrowed. Eg if someone wants a loan of 1m he must get a guarantor who has 1m shares or two with 500k each or 3 as long as watapata principal ukikosa kulipa.
In banks they check your statement na borrower akianza kulemewa they restrict you from withdrawing
 

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