Mboi-i-Kamiti company to shut down operations

Dr Thuo Mathenge and his supporters protest outside Jubilee Party headquarters in Pangani on April 19, 2017 over the outcome of Nyeri governorship nomination. He is the chairman of Mbo-i-Kamiti Land Buying Company. PHOTO | DENNIS ONSONGO | NATION MEDIA GROUP

What you need to know:

  • The move will also bring to an end a 30-year old leadership dispute at the firm.
  • Mr Mathenge said the firm obtained allotment letters with President Uhuru Kenyatta’s assistance.

The controversial Mbo-i-Kamiti Land Buying Company in Kiambu will soon close down after management started issuing plot allotment letters in a process that will see members detach from the company, paving way for its termination.

Officials led by chairman Thuo Mathenge presided over a ceremony, the first phase of the process that will see 8,000 members receive allotment letters for their respective plots in the next two months.

FINANCIAL CONTROL
This, Mr Mathenge said, would give the beneficiaries an opportunity to have title deeds for their respective properties processed, adding that the company had surrendered all the mother title deeds to facilitate the process that is expected to end decades of waiting by shareholders, some of whom are dead.

The move will also bring to an end a 30-year old leadership dispute at the firm that was caused by greed and competition to control the multi-billion shilling farm giant, which also turned into a graveyard for many of its directors.

Mr Mathenge, who is gunning for the Nyeri gubernatorial seat as an independent candidate, said the firm obtained allotment letters with President Uhuru Kenyatta’s assistance.

PROPERTY DIVISION
According to the chairman, all members will get allotment letters which, he said, will enable them to develop their plots owned by the troubled company in Kiambu town and Ruiru.

Each beneficiary will get 50 by 40 feet plots, eighths and quarter-acre plots depending on the number of shares they own.

The company was founded in 1971 with the aim of settling labourers who had worked in settler farms and widows of Mau Mau freedom fighters.

It owned assets worth over Sh4 billion in the 90s.

MURDER
But money, power and greed hit the company when some directors stole its assets, reducing it to a shell, and dashing hopes of shareholders.

The company also became synonymous with murder, as many of its directors were killed in cold blood in the deadly fight for control of the assets.

Directors worked in cahoots with the political class and State officials and looted the firm, sold land or used title deeds to borrow loans from banks, which they never paid back, accumulating huge interest.