Absa Kenya has reportedly recovered 14 vehicles that were seized from Italian firm CMC Di Ravenna which was to construct the controversial Itare Dam in Nakuru, Kenya.
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.
By Zintle Nkohla
Follow Zintle Nkohla on Twitter
Follow IT News Africa on Twitter
