@BdAfrica

How politics brought down Matiba’s business empire - 12 months ago, 16 Apr 23:07

Geoffrey Irungu

Within three days after the Likoni Police Station was attacked on August 13, 1997, the hotel business that Kenneth Matiba had built over many years was left without customers and most of the employees had lost their jobs. Unknown to many, this incident marked the beginning of the end for one of the crown jewels of Mr Matiba’s multi-billion shilling empire. The attack came just five years after Mr Matiba’s relationship with the then autocratic Daniel arap Moi regime was at its lowest point. The combative politician-cum-businessman had run against Mr Moi for the presidency following the re-introduction of multi-party politics in 1992. The hotels never recovered and were eventually sold off to pay loans that had accumulated. Mr Matiba’s ability to service the loans was also weakened by the high interest rates that persisted for the better part of the 1990s as the economy struggled through the impact of ...
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