KenyanHour

In June last year, Finsco Africa – a real estate company inked a Sh5 billion funding deal with Atlanta-based Go Greenwood Bank LCC for a long-term funding with key focus on affordable housing targeting lower and upper middle class.

Through a Memorandum of Understanding (MoU) signed between the two institutions at Kenya National Chamber of Commerce and Investment (KNCCI) offices, Finsco Africa chief executive officer John Mwaura disclosed that the global lender committed to lend them Sh5 billion in tranches.

The funding was to be on residential projects in Nairobi, Kiambu, Murang’a, Machakos, Kisumu, Eldoret and Nakuru where some of their development projects are domiciled.

However, despite the glamorous PR, underestimated fact still remains that Most land selling companies have been swindling unsuspecting innocent buyers for decades and we can report that the finsco limited is no better.

Documents in our possession shows that the controversial and suspiciously philanthropic company owned by Mr. Mwaura among others has at some point been selling hot air in the muranga plots, LR number 10875 owned by Hatwara estate limited.

The documents shows finsco Africa, faked a land search documents to push for a change of use for the 200 acre piece of land in the project named finsco limited Thika Grove Chania project, previously meant for agricultural purposes at the Muranga county government with the help of two CECs who gave the county Governor, Hon Irungu Kangata misleading advice.

What is more worrying is that the land selling company has been swindling unsuspecting victims where they pay for plots but can’t access them as most of these lands are still not ready for subdivision.

In the Muranga land, the owner had a loan with CFC bank of around 365 million shillings which is yet to be cleared for the bank to release the title deeds and hence the reason Mr. Mwaura had to fake a land search with the help of a muranga CEC, Mr. Paul Mugo who previously worked for finsco limited, for the change of use.

Several complaints have been sent to the DCI offices along kiambu road for investigations with reports indicating finsco limited ownership has bribed it’s way around the office and no arrests have been effected so far.

It’s yet to be clear how long will Kenyans continue being swindled by these land selling companies with memories of the Gakuyo investments scandal still fresh in their minds.

This is just a tip of the iceberg, no witchunt.