City businessman wants Jirongo declared bankrupt
Controversial businessman Bryan Yongo has asked the High Court to declare former Cabinet minister Cyrus Jirongo bankrupt for failing to repay a Sh25 million loan he extended to the politician in 2014.
Mr Yongo claims the former Lugari MP has failed to remit installments agreed to in a deal the two signed to settle a suit he filed against Mr Jirongo last year.
He holds that he loaned Mr Jirongo Sh25 million between 2014 and 2015, which was to be repaid in a few months.
He sued Mr Jirongo last year to recover the money, but the two reached an out- of- court settlement.
Mr Yongo now says Mr Jirongo has only paid Sh10 million and has refused to pay the balance even after being warned that bankruptcy proceedings would be instituted against him.
Mr Yongo adds that he has been unsuccessful in tracing assets registered in Mr Jirongo’s name.