Debts, family feuds take heavy toll on tycoon’s health
Mombasa tycoon Tahir Sheikh, popularly known as TSS, appears to be worn down by debts and fights for wealth among his sons and other family members. The problem appears to have taken a toll on his health. Sheikh (pictured) has been in and out of Kenya for medical attention. Recently, the Star established he was admitted at the Aga Khan Hospital, Nairobi. Sources have revealed Sheikh has refused to take medication prescribed by his doctor. Recently, he obtained restraining orders from the court stopping the Bank of Africa from forfeiting his assets over a Sh 1 billion loan. Sheikh blamed his financial problems on his sons and brother-inlaw. The orders also stop the bank from accessing assets of his other firms related to the one that had taken out the loan. The bank wanted to access assets owned by TSS Transporters Ltd and TSS Investments Ltd, while the loan was taken out by a related firm called Juja Coffee Exporters Ltd. Five parcels of land in Mombasa, registered in the names TSS Transporters Ltd and TSS Investments Ltd, are cited in the suit. In May, TSS Unga Millers was taken by the Kenya Commercial Bank over a more than Sh1 billion loan. KCB, which has more than Sh1 billion nonperforming loans with TSS Unga Millers, issued a notice in May, indicating it had taken over operation of the miller. Sheikh is said to have Sh8 billion in non-performing loans with several banks, booked under subsidiaries in his business empire. Efforts to reach his family were unsuccessful.