Chinese, Qataris Portland deal flops after loss of $47.8m land
Part of Athi River land owned by East African Portland Cement which the Kenyan government failed to seize, derailing plans to build affordable homes in a property deal financed by Chinese and Qatari contractors. PHOTO | KANYIRI WAHITO | NMG
The Kenyan government has lost the fight to seize 4,272 acres from East Africa Portland Cement Company (EAPCC) for free, derailing plans to build affordable homes in a multibillion-shilling property deal financed by Chinese and Qataris.
A Kenyan High Court stopped the takeover of the land in Athi River valued at about KSh6.4 billion ($47.8 million) because the country’s government failed to follow rules that guide compulsory acquisition, including consulting stakeholders like National Social Security Fund (NSSF), French firm Lafarge and the Nairobi bourse-listed cement manufacturer.
