KeMU PUTS ASSETS ON SALE.

Managers of Kenya Methodist University (KeMU) which is The Methodist Church of Kenya (MCK), has put two of its main assets on sale so as to settle part of the institution’s Sh3 billion debt. It has however refuted claims that the university will be closed saying that those are malicious attacks paddled by former leaders in attempts to discredit the current leadership, they added that they were facing financial difficulties just like any other institution but are in the middle of handling the situation.

KeMU’s chancellor who also doubles as the church’s president, bishop Joseph Ntombura said that, the management has put on the market the five-storey KeMU Hub which is located along koinange street in the Nairobi’s CBD and a plot of land along kipchoge avenue in Nakuru in order to reduce the university’s debt. He added that the university has Sh1.8 billion in debts and sh.1.3 billion as credit and that selling some of the institution’s asset will help in reducing the debt.

Addressing journalists in Nairobi, Ntombura said. “We have about Sh1.8 billion in loans and Sh1.3 billion as credit. When we sell some of our assets we can reduce some of the debts we have. The church will also come in and inject some cash to keep the university going as KeMU belongs to the church and we have enough assets to bail it out,” he added that the money received from the sale will be used to settle the debts owed to Kenya Revenue Authorities (KRA), Paying arrears to workers and gratuity. He also mentioned that the debts were incurred between 2007 to 2012 before he came to office hence making them historical.