Absa Kenya Recovers 14 Vehicles Seized in Itare Dam Project

Must Read

Absa took the vehicles from a Kenya-based subcontractor Benisa Limited which had earlier seized them from its client CMC.

According to Business Daily, Absa had financed the Italian firm Sh585-million ($732 758,62) for the purchase of the vehicles, and the agreement gave it rights over the equipment used in the project.

Justice David Majanja ordered Benisa to release the vehicles to Absa immediately after the company put the vehicles up for sale, claiming Sh30-million ($258 620,69)after it was terminated by CMC.

“The attachment is hereby lifted and the vehicles be released forthwith,” the judge said.

According to Business Daily, the said vehicles include lorries, Isuzu double cabs, jeeps, graders, and Mercedes Benz.

In October 2021, Absa reportedly auctioned another batch of over 40 vehicles as part of recovering the debt. Other 17 vehicles are still being withheld by the Director of Criminal Investigations as part of ongoing criminal investigations against the Italian firm.

The Italian firm was contracted by Rift Valley Water Services Board (RVWSB) to construct the Irate dam in Kuresoi-Molo, in Nakuru County for Sh36-billion (over $300-million), as per Business Daily.

CMC reportedly put the construction of the dam to a halt in November 2018 and left the sites after closing its offices in Kenya. It has since handed the project back to the RVWSB.

- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img
Latest News

Abuko Nature Reserve

Abuko Nature Reserve, Africa, was the Gambia's first reserve and is located in the Western Region (WR), (geographical coordinates: 13.41°N, 16.65°W). Part of it was accorded a form of 'protected status' back in 1916 when the source of the Lamin (Bolon) Stream was fenced to form a water collection point.
- Advertisement -spot_img