The late billionaire Biwott sued over Sh.7 billion debt

The late billionaire Nicholas Biwot was sued on Tuesday over unpaid debts amounting to Ksh.7 billion.

A businessman in Eldoret is demanding for the money from the estate of former powerful former Cabinet minister which he claims he loaned him between November 2015 and September 2016.

In a court case that is expected to generate a lot of public interest in the coming months, Mr Barnabas arap Kiprono is seeking orders stopping the distribution of property under the estate before the matter in court is solved.

Mr Kiprono, who is represented by Ms Karen Chesoo, said he gave Mr Biwott, who died in July 2017, a total of Sh382 million in bits, adding that the amount has since risen to Sh6.7 billion inclusive of interest.

In his affidavit, he said that he gave Mr Biwott, the money on diverse dates without indicating what the money was intended for.

He indicated that he first loaned the former minister Sh50 million on November 5, 2015 at an interest rate of 25 percent. The same year on December 11, he gave him Sh35 million at an interest rate of 30 per cent.

In 2016, he said he loaned Mr Biwott Sh10 million on January 9 at an interest of 30 percent and Sh2 million at a similar rate on February 20.

Later, he said, he loaned him Sh280 million at an interest rate of 18 percent on March 29 and finally Sh5 million at an interest rate of 30 percent on September 2 of the same year.

The case will be mentioned on April 2, 2019.

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