Kenyan Billionaire Who Owned Unga Millers, TSS Tower and Buses Before an KSh8 Billion Debt Crisis

Kenyan businessman Tahir Sheikh Said, popularly known as TSS, built a vast business empire spanning transport, grain milling, coffee exports, shipping and real estate before his companies became embroiled in a debt crisis involving more than KSh8 billion owed to several banks.

TSS established himself as a prominent businessman in Mombasa, with investments that included the TSS Bus Company, TSS Grain Millers, Unga Millers and the TSS Tower. His other business interests included Juja Coffee Exporters, cotton ginning, salt production and fuel stations, giving him a presence across several sectors of the Kenyan economy.

However, the business empire later faced mounting financial difficulties as several companies associated with the businessman reportedly defaulted on substantial bank loans.

In July 2016, Kenya Commercial Bank took over the management of TSS Grain Millers after the company failed to repay a loan exceeding KSh1 billion. The development marked a significant setback for the milling business, which had been one of the notable components of the TSS empire.

Other lenders also moved to recover outstanding debts. Bank of Africa pursued assets linked to Juja Coffee Exporters after a reported loan default of approximately KSh1 billion. Meanwhile, NIC Bank and National Bank of Kenya were also associated with substantial outstanding loans linked to businesses within the wider group.

The combined non-performing loans were reported to exceed KSh8 billion, exposing the scale of the financial challenges facing the business network.

Court disputes subsequently emerged over loan repayments, the enforcement of securities and the ownership or disposal of assets pledged to lenders. Some properties associated with the businesses became the subject of recovery proceedings as banks sought to recoup their money.

TSS reportedly stepped away from the day-to-day management of his businesses in 2010 because of health problems. He died in January 2017 while receiving treatment in South Africa, leaving behind a business empire facing financial and legal challenges.

His financial troubles remain a notable example of how mounting debt, loan defaults and disputes over business management can threaten even an extensive commercial empire.

https://whownskenya.com/tahir-sheikh-said-tss-the-mombasa-billionaire-who-left-his-children-with-huge-debts/

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