Three Italian investors have asked President William Ruto to help them get back their property after they lost an investment worth Ksh80 billion to their Kenyan partners under unclear circumstances.
Through their representative Alberto Catani, the Italian investors identified as Marco Alimonti, Giuseppe Pusterla and Breciano Carlo Aldo, wrote to the Head of State seeking to regain their billion investments at the coast.
Moreover, when they landed in Kenya in 2005, the three foreigners planned on purchasing land, getting relevant regulatory approval, and putting up a city.
In this mission, the three Italians partnered with four Kenyans who were familiar with the environment and could help in navigating the bureaucratic red tape to put up the Ksh81 billion city in Malindi.
Together, the team incorporated five companies to hold the land, assets and resources required to complete the city project.
However, it is not clear how the ownership of the companies’ changed hands and is now owned by the four Kenyans.
Business Registration Service Conspired with the Kenyan Partners – The Trio
As such, the three Italians accused the Business Registration Service (BRS) of conspiring with their Kenyan partners in effecting the companies’ ownership.
Catani stated that he has proof of false declaration, false CR12, and falsified documents precisely done to be able to sell the properties or change ownership.
Likewise, the three Italians revealed that they have never consented to any shareholding changes or sale of the prime land.
Nonetheless, they reported the matter to the Directorate of Criminal Investigations (DCI) on December 8, 2022.
Furthermore, Cattani wrote to the DCI and the Attorney-General in January 2023 seeking prosecution of the culprits on fraud charges.
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However, no progress has been made since then.
Under Kenyan law, share- holding changes require consent through the form of documents signed by parties involved in the transaction, accompanied by their signatures.
The documents are presented to the Registrar of Companies who then effects the changes in the firm’s ownership document known as a CR12.