23 C
Kenya
Tuesday, March 31, 2020

Why no Kenyan bank wants to serve Edenville estate billionaire

Must Read

How to build a three bedroom house in phases

Building a House in Phases: If you want to build your house but are limited by finances, there are...

Costly mistakes you must avoid when building your house

Building a house in Kenya Costs: BY WANDA SYNERGY: Urban legends are in every sector of our lives and...

Meet Peter Ndegwa, the Safaricom CEO taking over from Michael Joseph

Peter Ndegwa Biography: Peter Ndegwa is set to take office as Safaricom CEO on April 1. The question on...

Can you imagine being turned down from all banks? That no Kenyan bank wants to serve you? That is the situation that Billionaire Samuel James Kinyanjui found himself in after banking fraud investigators issued orders to local banks to stop serving him.

The billionaire who is best know for his real estate ventures was forced to go to court to protest the blockade.

Samuel James Kinyanjui said in his petition that all banks he approached turned him away on grounds that he was listed as a person of conflict under the proceeds of crime and anti-money laundering law, which hurt his businesses.

NextGen, Thika Business Centre among auction properties nobody wants

“I have been to several banks and have been informed that the first respondent has circulated my name under the Proceeds of Crime and Anti-Money Laundering Act and listed me under the anti-money laundering records,” he said in court documents.

According to the Business Daily, Samuel James Kinyanjui first ran into trouble with the anti-money laundering agency three years ago when investigators told the court of his suspected links with a network of US, Nigeria and South Africa-based individuals believed to have been helping him move large sums of money around the world as part of a laundering scheme.

“The businessman has significant interest in Kenya’s booming real estate sector that is part of the massive business empire he has built over a 50-year period. The Sh. 2 billion Edenville Estate in Kiambu and flower firm Torito Roses are some of his best known investments,” the daily said.

Phase One of Edenville Estate consists of 345 housing units, most of them villas priced at between Sh. 14.5 million and Sh. 18.5 million each. Hass Consult, a real estate manager, said in a past report that the units sold out in a record 10 months.

Phase Two of the project comprises 454 maisonettes, constructed at a cost of about Sh. 2 billion, and plans have been in place to build a third phase on a 36.5-acre piece of land.

Cars not to buy in Kenya: 10 cars to avoid when you are on a tight budget

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

143,776FansLike
10,898FollowersFollow
46FollowersFollow
214SubscribersSubscribe

Latest News

Jumia witnesses high demand of Hand Sanitizers following COVID-19 Pandemic

The demand for hand sanitizers countrywide has shot up following the outbreak of coronavirus pandemic. Jumia has expressed commitment...

Costly mistakes you must avoid when building your house

Building a house in Kenya Costs: BY WANDA SYNERGY: Urban legends are in every sector of our lives and construction is one sector with...

Meet Peter Ndegwa, the Safaricom CEO taking over from Michael Joseph

Peter Ndegwa Biography: Peter Ndegwa is set to take office as Safaricom CEO on April 1. The question on many Kenyans' mouths is; who...

SMEs response to COVID-19 crisis in Kenya

ABDI DUBAT: The Covid-19 pandemic has placed businesses in uncharted territory. Its effect on the global economy is baffling especially because of the speed...

Hundreds of teachers sent home on compulsory unpaid leave

Bridge Schools Kenya: The coronavirus pandemic that prompted the suspension of the current academic calendar has claimed its first employment casualties in the education...

More Articles Like This

- Advertisement -
%d bloggers like this: