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KBC seeks to sell off assets to pay land rates

The state broadcaster has sought for the government’s approval to liquidate its assets in order to raise funds to settle a Sh900 million debt it owes in land rates arrears.

This is one of three proposals being fronted by Kenya Broadcasting Corporation (KBC) managing director Waithaka Waihenya to avoid the auction of Broadcasting House, the broadcaster’s headquarters, by the Nairobi County government.

Governor Evans Kidero had last week announced that the county government will auction properties owned by state corporations and which had defaulted paying land rates.

Mr Waihenya, in a letter to the governor, said the state broadcaster had written to the government appealing for funds to settle pending bills, most of which stretch to the Voice of Kenya (VOK) days.

He also proposed to the governor to consider a barter arrangement in which the county government could advertise on KBC’s television and radio brands and the cost be deducted from the debt.

Mr Kidero  on Wednesday agreed to the deal.