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Absa auctions 40 cars linked to Itare dam scam


Absa head office in Westlands, Nairobi. FILE PHOTO | NMG

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Summary

  • The Itare dam is the focus of criminal investigations.
  • The Italian firm went bankrupt and filed for insolvency in Italy to rescue its operations and prevent the company from being liquidated.
  • It sought to freeze the auction in Kenya pending a decision of the Italian courts, but Justice Francis Tuiyott rejected the application.

Absa Bank Kenya #ticker:ABSA has put up for auction over 40 vehicles purchased by a bankrupt Italian firm for use in the construction of the controversial Itare Dam in Nakuru over a Sh585 million loan.

The forced sale of the seized vehicles and equipment — including Isuzu D/Max, tippers, prime movers and cranes — has been scheduled for October 28, according to a notice issued by Phillips International…

Read full article at www.businessdailyafrica.com

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