[Source: Daily Nation, by Brian Wasuna]
The fight over a 16.7-acre piece of land in Runda worth more than Sh3 billion has revealed how a shadowy non-existent firm was used to dupe two banks into issuing it with loans that were never repaid.
The two banks — Rural Urban Credit Finance Ltd and Postbank Credit Ltd — later collapsed under the weight of unpaid loans irregularly given to politically connected individuals.
Nearly two decades after Mr David Kimani bought and settled his family on the prime land, they now risk being rendered homeless as businessman Peter Mburu Burugu now claims to own the property.
While records at the lands registry show that Mr Kimani is the legal owner as well details of how the businessman acquired and subdivided the property, Jumchem Healthcare Ltd and Mr Burugu have claimed ownership of the property.
The land, originally part of a farm owned by a group of white settlers trading as Saint Benoist Plantation Ltd, has now gained a place in the history of collapsed Postbank Credit.
[Full article: Daily Nation, by Brian Wasuna]
