CMC Di Ravenna finally confesses to having financial issues as dams scandal investigation concludes

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In response to a case filed by Barclays Bank, CMC Di Ravenna, the Italian firm at the center of the Ksh.21 billion Arror and Kimwarer dams scandal said that the company has commenced ‘pre insolvency proceedings’ before an Italian court whose intention is to rescue the business operations and prevent the company form being liquidated hence admitting that firm has glaring financial problems.

This follows a suit by Barclays Bank after it impounded vehicles used by the firm to secure a Ksh.1 billion loan.

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CMC Di Ravena now wants the Director of Public Prosecutions (DPP) and the Directorate of Criminal Investigations (DCI) to be enjoined in the case.

High Court Judge Justice Francis Tuiyot has since directed Barclays Bank to not transfer or dispose the said vehicles pending hearing and determination of the case.

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The case will be mentioned on May 21, his year.

Meanwhile, the Directorate of Criminal Investigations led by DCI boss George Kinoti have concluded investigations into the dams scandal with sources at the DCI headquarters revealing that the files have already been forwarded to the Director of Public Prosecutions Noordin Haji for further directions.

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Treasury Cabinet Secretary Henry Rotich was among those probed with the DCI seeking an explanation as to why he went against the advice of the Attorney General and signed off a deal with a company grappling with financial constraints.

A source within the investigating team also said that the CS answered 300 questions on how the monies were released to the Italian firm before the project commenced, but more so without designs.

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