State-owned Agricultural Development Corporation (ADC) leased land to an unnamed investor at more than 10 times lower than the market rate or Sh500 an acre annually, highlighting the misuse of government property in deals with investors.
The ADC leased 15,000 acres in Rumuruti, Laikipia County, to an unnamed tenant in 2015 for 15 years, the Auditor-General revealed in a deal that will cost taxpayers more than Sh1 billion over the period.
