Kibaki firm ‘got Sh11m loan to buy beach plot

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By NATION CORRESPONDENT
Posted  Friday, November 11  2011 at  18:39

A company associated with President Kibaki’s family was lent Sh11 million to buy a disputed beach plot at the Coast.

Equity Bank, which had been drawn into a legal duel over the plot, said it gave Mwalu Investments a loan to buy the property.

The bank’s development manager Steve Gichuhi said the bank took all steps in advancing the loan.

These details emerged as the Mombasa High Court was delivering a ruling on an application for contempt filed by Ms Naimisha Shah, who is claiming ownership of the Sh24 million beach plot.

The court had ordered that investigations into the fraud be conducted, after which Mr Mwarandu Kombe and Mr Solomon Mutungi were charged in court.

They were later cleared of any criminal offence. The court noted that Mr Mwamaneno may have been party to the alleged fraud but there lacked strong evidence to prove this.