Company used Lamu land to get Sh1 billion bank loan

What you need to know:

  • Sixteen of the 22 companies named as having acquired land “under dubious and corrupt circumstances” appear not to have been properly registered, perhaps set up for the sole purpose of the transacting the land deals whose effects may now reverberate powerfully in financial and real estate sectors after the titles were cancelled.
  • The most outstanding was Brick Investment which she said had acquired 80,000 acres of land. 
  • The President ended the meeting by promising to keep his word on revoking the titles as well as maintaining honesty and transparency in the re-allocation of the land. He welcomed the leaders for further talks on Friday.

One of the companies controversially allocated a huge tract of land in Lamu used it as security to borrow Sh1 billion from a local bank, the Sunday Nation can reveal.
This was one of the shocking details revealed at a meeting between President Uhuru Kenyatta and Lamu leaders at State House on Thursday evening.

Welcome!

You're all set to enjoy unlimited Prime content.