DP Rigathi Gachagua’s family has invested heavily in the hospitality industry....CLICK HERE TO READ THE FULL ARTICLE>>>
Deputy President Rigathi Gachagua has defended the acquisition of the Treetops Lodge, which reopened over the weekend after being closed down in 2021.
The iconic hotel, established in 1932, is known globally as the place where Queen Elizabeth II rose to the top of the British monarchy in 1952.
In an interview with the media on Sunday evening, Gachagua said that he had stepped back from managing the family business after being elected in 2022.
He explained that his children now run the businesses and have the right to make their own investment choices.
He emphasised that while the government had been looking for direct foreign investment in various sectors such as sugar, hospitality, and manufacturing, private citizens who invest in the local economy should not be barred from doing so.
Gachagua’s sons have also invested in the Outspan Hotel in Nyeri Town, which closed in 2023.
The hotel, established in the 1920s by Eric Sherbrooke Walker, is situated on a 120-acre property that also houses the Paxtu Museum.
The museum is the former residence of Lord Baden-Powell, the founder of the Scouts, and features a collection of artifacts, including Baden-Powell’s writings, paintings, and Scouting memorabilia.
The museum was a pilgrimage site for Scouts worldwide, attracting over 3,000 visitors annually before its closure due to the COVID-19 pandemic.
The deputy president also mentioned that the family had decided to revive the hotels previously owned by his
late brother, Nderitu Gachagua.
When the senior Gachagua passed away in 2017, he left an estate worth Sh2 billion, which included Olive Gardens Hotel in Nairobi, Vipingo Beach Resort in Kilifi, and Queens Gate Serviced Apartments and Resort in Nairobi.
“I am one of the most honest leaders in this country. Many wealthy leaders choose to invest abroad to hide their investments. I have told my sons that whatever business they choose to invest in, they should do it without fear because it is our hard-earned money,”Gachagua stated.
“In Nyeri, many of our hotels were closed, and it is shameful. They want me to look for foreigners to invest in them. What our children have done is partner with other individuals and use bank loans to revive the hotels, employing people and impacting the local economy,”he added.
He explained that upon forming the government with President William Ruto in 2022, he instructed his sons to drop their 10-year mosquito net importing business because he did not want a conflict of interest.
They objected because it was a successful business, but he told them to use his wealth instead and only do business with the private sector.
“Everyone knows I had some money that had been frozen but was later released. Where was I supposed to take that money?”he questioned.
In 2022, the Deputy President disclosed during an interview that he was worth Sh800 million, excluding the Sh200 million that had been frozen. This brings his total net worth to about Sh1 billion.
Gachagua also revealed that he financed the Kenya Kwanza campaigns using his personal funds and helped raise money for the majority of MPs.
“All these MPs we have, there is none of them whom I did not give money. In my own campaign as running mate, the president did not give me a single coin. I used my own money for vehicle and air transport,”he said.
He also stated that he has never done business in government throughout his life...CONTINUE READING>>
