President Uhuru Kenyatta’s kin have sought Parliament’s intervention in their push to regain control of a Sh700 million coffee estate allegedly sold by Kenya Commercial Bank (KCB) without their consent.
Mr Ngengi Muigai and Captain Kung’u Muigai, both cousins of Mr Kenyatta, told the House Finance, Planning and Trade committee that KCB sold the 443-acre Muiri Coffee Estate Limited in 2007 at a cost of Sh70 million.
The transaction was allegedly made in a bid to recover a Sh9.4 million debt that Muiri Estate had guaranteed another company which borrowed the money through a charge of two prime properties located in Nyandarua.
The duo has accused KCB of selling the 443-acre Muiri Coffee Estate, which Benjoh Amalgamated, owned by Captain (Rtd) Kung’u had allegedly used as the second guarantor to secure a loan in 1989.
Benjoh Amalgamated used parcels LR 12411/1 and 12411/2 Nyandarua as securities for the land. KCB required a secondary guarantee of Sh11.5 million to advance Benjoh Amalgamated the loan and the security for land where Muiri Coffee Estate Limited was used as the second collateral.