Italian
Justice Francis Tuiyott ordered the firm to surrender all the 98 vehicles and equipment it had purchased for the construction of
Two PSs requested for Sh7.8 billion advanced payment to Italian firm CMC di Ravenna for the construction of Arror and Kimwarer dams https://t.co/oPkRlH6zjN
— The Star, Kenya (@TheStarKenya) March 12, 2019
2. In Arror & Kimwarer Ghost Dams, CMC di Ravenna declared bankruptcy after being paid but even before commencing work ….. And Suspected Thieves are hiding under Gov’t ~to ~ Gov’t Projects Models …. Does our Gov’t choose companies that will go bankrupt for a reason?
— Donald B Kipkorir (@DonaldBKipkorir) March 11, 2019
The judge also barred CMC Di Ravenna from transferring, selling or
Local media reported that Barclays argued it feared the company is about to go under before repaying Ksh. 595,655,552 million.
“The court issued an order directing the company to forthwith deliver all motor vehicles and equipment listed in the asset finance agreement with Barclays Bank to Casuarina Ltd for purposes of preservation pending determination of the dispute,” Justice Tuiyott ruled.
“Their insolvency case was admitted by the court in Italy which shows they are not in a position to settle the debt owed to the bank.
“They are likely to proceed and dispose off their assets without repaying the loan if let to go,” Lawyer Kamau Karoli mentioned.
According to court documents, the firm applied for the loan in April 2017 to purchase vehicles and other equipment.
On May 23, 2017, they executed an asset finance agreement through which CMC di Ravenna agreed to transfer ownership of the equipment to the bank until the loan is fully repaid.
The judgment, later on, spelled more doom for CMC di Ravenna which is at the heart of Ksh. 21 billion phantom dam projects.
#StateOfCorruption DP Ruto denies 21B has been lost In Arror and Kimwarer dams in Elgeyo Marakwet; says only 7B is in question. CMC di Ravenna was declared insolvent by an Italian court in Dec 2018 after winning tender to for 3 dams in Rift Valley worth sh104.5B #StateOfJudiciary pic.twitter.com/qU7rHK96s3
— Dennis maina (@Dennismaina4) February 28, 2019