The DCI has revealed that Sh160 million was paid to Toyota Kenya for 45 vehicles, ranging from Prados and Fortuners to Corollas, Hiace vans and pickup trucks. But only 17 of the vehicles were registered in CMC di Ravenna’s name. Detectives have so far traced and impounded 37 vehicles, which are at the DCI headquarters in Nairobi.
But shockingly, Barclays Bank of Kenya, has also moved to court seeking to attach the vehicles over a loan advanced to CMC Di Ravenna Italy.
ALso to be enjoined in the case are Rift Valley Water Services Board who claim, through lawyer B.O. Akang’o, that 17 of the vehicles belong to them.
The board said it contracted CMC Di Ravenna to construct a dam in the Kuresoi-Molo area in Nakuru County. It further said, in documents filed in court, that it was agreed that the Italian firm buy the vehicles in its name. The vehicles would later be returned to the board once the project was completed.
The board maintained that the vehicles do not belong to CMC Di Ravenna. But it later emerged that the firm had used the vehicles to secure a loan from Barclays Bank. The board further said that the financing, dated May 23, 2017, was made without its consent or knowledge.
For its part, Barclays said the Directorate of Public Prosecutions and the DCI had deliberately confused the Arror and Kimwarer dams with Itare dam.
The bank, through Ms Ann Mbatha, the head of business support and corporate recoveries, said CMC Di Ravenna approached them in 2017 and 2018 for various financial facilities.
The vehicles, she said, would be used in the construction of the Itare dam and the facilities included asset financing, multi-option facilities (short-term loan and overdrafts), working capital and bank guarantees. Barclays, through lawyer Kamau Karori, obtained orders freezing CMC di Ravenna’s assets seeking to recover Sh585 million advanced to the contractor.
The bank said it loaned CMC di Ravenna Sh585 million for the purchase of 98 vehicles and equipment to be used in the dams project.
The lender last week sued CMC di Ravenna seeking to repossess the vehicles and equipment.
What will the end game be like?