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> > KENYAN-OWNEF FIRM IN RWANDA FACES LIQUIDATION

KENYAN-OWNEF FIRM IN RWANDA FACES LIQUIDATION

Posted on Aug 27, 2012 | No Comments

Hill View Estate in Kabuga, a suburb of Kigali. DN International’s problems arose after the firm took deposits for Hill View Estate housing units and used them as security to take a loan from KCB Rwanda to embark on the Green Park project, leaving it with no money to repay the initial loan. Photo/File
Hill View Estate in Kabuga, a suburb of Kigali. DN International’s problems arose after the firm took deposits for Hill View Estate housing units and used them as security to take a loan from KCB Rwanda to embark on the Green Park project, leaving it with no money to repay the initial loan.

  • The government began liquidation proceedings in the country’s commercial courts against DN International, registered in Rwanda but run by Kenyan investor Nathan Lloyd, over debts amounting to Rwf3.5 billion ($5.8 million) owed to Fina Bank and KCB Rwanda.
  • Kenya’s B&B Heritage signed an agreement with Fina Bank Rwanda taking over the investments of DN International, KCB Rwanda risked losing its Rwf3 billion ($5 million).
  • Under the agreement, B&B Heritage will pay DN International’s loan with Fina Bank worth Rwf500 million ($830,000), money that was initially borrowed to construct one of its housing projects — Hill View Estates —in Kabuga, a suburb on the outskirts of Kigali.
  • The saga over the housing project, which has been running since early last year, has left the government embarrassed since it had sanctioned the DNI investments in the first place.

Toa Maoni Yako Kwa Uhuru