BusinessDP Ruto exposed in another scandal as KCB bank...

DP Ruto exposed in another scandal as KCB bank loan rise to Ksh. 1 billion

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Kenya Commercial Bank (KCB) wants to recover more than Ksh1 billion it claims it’s owed by Weston Hotel linked with Deputy President William Ruto.

Reports by Standard indicated that bank had joined the ownership dispute over the controversial land on which Weston Hotel stands.

KCB will now be involved in a case where the Kenya Civil Aviation Authority (KCAA) sued Weston and National Land Commission (NLC) seeking to recover the 1.77-acre parcel of land.

According to court documents, Weston secured several loans from KCB using the land now being claimed by KCAA as security.

Weston got a Ksh350 million loan using the land and KCB allegedly went ahead and gave the hotel Ksh150 million on October 9, 2014.

Land Dispute

On July 8, 2015, Weston again took another Ksh700 million and used the same land as security.

According to KCB, Weston got the loan from the lender relying on a confirmation from the Registrar of Lands that the hotel was the registered owner of the land.

Weston Hotel
KCAA claims ownership of the land along Lang’ata Road in Nairobi, claims NLC lacked jurisdiction to render a determination over its claim for restitution.

The hotel is owned by Deputy President William Ruto and has been the subject of a protracted legal and political battle after it emerged that the land was allegedly acquired irregularly.

courtesy standard

Source: kenyagist.COM

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