Banks gave private firms loans with squatters’ land as suretyTwo banks may have been conned twice using 66,000 acres of land in Kilifi belonging to squatters as collateral. However, DBK is entangled in a maze where it is on the brink of losing more than Sh250 million. Riva Oil took Sh250 million in two tranches. From a separate case, a Civil Suit 59 of 2013, it emerges that Riva Oil closed shop leaving the bank to pursue the guarantors. Riva Oil is associated with former Cabinet Secretary for Labour Kazungu Kambi.

Source: Standard Digital March 07, 2020 06:22 UTC