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ADC risks losing land after Sh188m KCB loan default
ADC used the parcels to secure a Sh340 million loan 12 years ago but a new audit now reveals that it has been struggling to service it, putting the collateral at risk of auction.
The Agricultural Development Corporation (ADC) is at risk of losing four land parcels over a Sh187.9 million loan from KCB, underlining the agency’s struggles to meet its financial obligations.
ADC used the parcels to secure a Sh340 million loan 12 years ago but a new audit now reveals that it has been struggling to service it, putting the collateral at risk of auction.
