Economy

Kenya-Re locked in suits over Sh1.6 billion assets


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Auditor General Nancy Gathungu. PHOTO | LUCY WANJIRU | NMG

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Summary

  • An annual report by Kenya Re, shows that the corporation is balling to reclaim four investment properties located in Nairobi’s Ngong Road, Kiambu Road, Jomo Kenyatta International Airport (JKIA) and Shanzu in Mombasa.
  • Kenya Re invested Sh350 million in the Ngong Road property, Kiambu Road (Sh563 million), Shanzu (Sh23 million) and JKIA (Sh700 million) bringing the total investments to Sh1.63 billion.
  • The Ngong Road property measures approximately 59.87 hectares and is subject of dispute between the corporation and Kenya Forest Service (KFS).

The Kenya Re-Insurance Corporation (Kenya Re) is locked in court battles over ownership of prime properties worth Sh1.6 billion, a report shows.

An annual report by Kenya Re, shows that the corporation is balling to reclaim four investment properties located in Nairobi’s Ngong Road, Kiambu Road, Jomo Kenyatta International Airport (JKIA) and Shanzu in Mombasa.

Kenya Re invested Sh350 million in the Ngong Road property, Kiambu Road (Sh563 million), Shanzu (Sh23 million) and JKIA (Sh700 million) bringing the total investments to Sh1.63 billion.

The Ngong Road property measures approximately 59.87 hectares and is subject of dispute between the corporation and Kenya Forest Service (KFS).

The dispute is before the National Land Commission (NLC), Auditor-General General Nancy Gathungu said in the audit report for Kenya Re books of account for the year to June 2019 tabled in Parliament.

“The corporation may not be realising the benefits that accrues from the ownership of the land and management may not be in a position to make long -term plans,” Ms Gathungu said.

The dispute over its Kiambu Road land measuring 99.5813 hectares involves one of the directors of the vendor that sold the land. The case is in court.

In the 17.3 hactares Shanzu property, Kenya Re is locked in a court battle with Kenya Re and the Kenya Prisons Department.

Kenya Airports Authority has restricted Kenya Re’s access to the property within the precints of the JKIA, citing security reasons.

The property disputes are despite President Uhuru Kenyatta issuing a directive in July last year that State agencies withdraw all legal suits filed against each other.

Emci-Hub Technologies Ltd

By Prof. Joel Barasa

The Catholic University of Eastern Africa (CUEA) Faculty of Computer and Informatics, School of Science P. O. Box 62157-00200 Nairobi -Lang’ata Main Campus Email: joel@emcihubtechltd.co.ke Phone: +254705451853/+254769257365 LinkedIn: https://www.linkedin.com/in/joel-barasa-4a3a9a128/ GitHub: https://github.com/Barojoel Websites: https://emcihubtechltd.co.ke and https://estore.emcihubtechltd.co.ke Mr. Barasa I. Joel is a Kenyan citizen by birth. He is currently an adjunct lecturer and an IT specialist in Curriculum studies in the Catholic University of Eastern Africa (CUEA). Mr. Joel holds Post Graduate Program (EPGP) in Data Science, Business Analytics & Big Data in association with IBM which is India's first and the best Masters in Data Science from mUniversity, Aegis School of Business, Data Science, Cyber Security & Telecommunication. He also holds a Degree in BSc. Information Technology from the University of Kabianga, a Professional Certification CCNA and Data Analysis from the University of Kabianga. Joel is senior Software Developer with over 5 years worked on many projects like Kenbright Insurance, Rongo University eLearning portal, participated in integration of DHIS2 health IT systems at Kericho District Referral Hospital and served as H.O.D ICT department Okame college. Joel is an assessor and verifier in TVET CDACC curriculum implementation.

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