The rise and fall! Once Multi-millionaire Cyrus Jirongo is now broke and deep in debt 

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Financial woes facing former Lugari Member of Parliament Cyrus Jirongo continue to pile up as days go by. The former powerful MP on Wednesday 19 braved the cold in police cells after he failed to raise sh5 million bail in a case where he was arrested for failing to repay a sh25 million he owes Bryan Yongo.

Devolution Cabinet Secretary Eugene Wamalwa came to his rescue after depositing the logbook belonging to his sleek Mercedes Benz as surety to secure his release. Jirongo who was among the top crème of youths who championed for the re-election of Daniel Moi in 1992 alongside the current Deputy President William Ruto under the Youth for KANU (YK) umbrella.

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He had accumulated a lot of wealth with investments in real estate, manufacturing among other sectors.

The once powerful MP is now in deep financial trouble as more reports emerge of defaulted loans. Jirongo had promised to pay back Mr. Yongo  his debt once he completes selling his 500 acres of land located in Ruai and another five acre-parcel in Kisumu. Jirongo was also expecting compensation from the Nairobi County government for proceeds from a piece of land in Industrial Area.

The loan which was sh12.7 million has now grown to sh25 million forcing Bryan Yongo to seek legal redress after Jirongo failed to honor his part of the agreement on more than 20 occasions.

“I cannot indulge him anymore,” said Yongo in the case.

But in twist of event, Jirongo said he has already paid back sums amounting to sh24 million and asked for time in order to furnish the court with documentation to prove the same.

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Aside from Mr. Yongo, Jirongo owes Central Organization of Trade Unions Secretary-General Francis Atwoli sh100 million which he borrowed in 2016 August on friendly terms and promised to repay back after 50 days with a top up interest of sh10 million but did not live up to his word.

Jirongo in his Defence said they had agreed to get the money from his company Kuza Farms and Allied Ltd, from proceeds of compensation by the Nairobi City County Government. However in a court ruling from the Environmental and Land Court in July 2016, Justice Francis Tuiyot said Jirongo was personally responsible for the loan and not the company.

“Mr. Jirongo indebtedness was plain and obvious in the acknowledgment and undertaking of August 10, 2016. It was even more obvious and unequivocal when Mr Jirongo gave further undertaking of October 21,2016.This court holds and finds that Mr. Jirongo has admitted owing sh110 million to Mr. Atwoli and there can be no defence to that claim,” read Justice Tuiyot ruling. 

In another case, Jirongo has been accused of failing to pay businessman Sammy Boit arap Kogo a sh700 million loan prompting the businessman to move to court ahead of last year general election where he filed case to declare Jirongo bankrupt a move that almost shadowed his presidency ambition. However Jirongo managed to lift the ban and was included in the ballot.

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The former MP has had it rough having his property auctioned last due to a defaulted loan of sh495 million. His firm located in Uasin Gishu county was auctioned by Valley Auctioneers with the 103 acres of land holding a salt processing factory was sold at a reserve price of sh65 million.

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