, NAIROBI, Kenya, Apr 25 – Former Vice President Moody Awori has confirmed that Muchanga Investments Limited purchased the disputed land in Karen, now valued at over Sh8 billion.
Awori told Justice Elijah Riech of Environment and Land that he and his wife Rose were directors of the company since inception in 1978.
The retired public servant while being led in his evidence-in-chief by lawyer Cecil Miller said that the company purchased the property in February 18, 1983 and thereafter it was charged to Barclays bank for a loan of Sh10.5 million.
He testified that a resolution was made by the company’s board and he personally executed the same in favour of Muchanga Investments Limited.
“The bank could have not registered the charge over the suit property if the same never belonged to the investment company,” he told the judge.
Awori said that he signed documents for advancement of the loan as the chairman of the company after it was resolved by the board.
He submitted all documents showing indeed the company owned the land and the same was used many years back to obtain bank loan and the same repaid promptly.
Several companies have staked claim to the land, among them Telesource.com, a company owned by former NSSF Managing Trustee Jos Konzolo, Habenga Holdings and Jina Enterprises.
The court heard that the bank was appointed by Arnold Bradley who owned the suit property and being the sole administrator of the land had the capacity to sell it.
It was his evidence that by time Bradley passed on in 1973, he had appointed Barclays Bank as the executor of his will directing how the land would be subdivided. The land was later sold to Muchanga Investments Limited in 1983.
Justice Riech heard that after the repayment of the loan the bank released the title deed that was held as security and the same and was given to Horatius Da Gama Rose in 1989.
The title deed was passed to Da Gama Rose through the law firm of Sharpley Barret, he told the court.
Muchanga Investments Limited through lawyer Miller at inception of the case obtained an injunction halting third parties from encroaching to the multi billion shillings property.
Awori continues to be crossed-examined Wednesday by lawyers representing defendants who have been sued by Muchanga investments Limited.