Deal #6621

The company leased 100,000 acres.

The Galana project will include a sugar farm, dairy farm and horticulture

cleared 2,000 acres for setting up a ranch in readiness for the first phase of planting maize before embarking on the second phase of sugarcane and later the setting up of a sugar factory. In 2015 investors took a Saudi prince to court accusing him of failing to deliver his side of the bargain. But the prince has taken his Kenyan partners to court stating that they fraudently changed the ownership shares. One source states this was disproved when the matter went to court. “My clients were supposed to be refunded the money which they had spent in securing the lease of Galana Kulalu. I did the agreement and there is a clause that if the prince defaulted, the local investors would get all the shares.” “Osman himself delivered the signed but undated forms for share transfer on the afternoon of September 23, 2010. Five years after the sultan failed to honour his part of the deal, I was instructed to file a suit to evict him,” (https://web.facebook.com/breakingkenyanews/photos/a.533873823481891/1922541587948434/?type=3&_rdc=1&_rdr).

Arafco Agricultural Integration Company Ltd paid an initial lease of Sh2,000,000 (for one year). Upon the acquisition, the prince was to refund $300, 000 (Sh30 million) for the land. Local investors said they opened an account at Equity Bank in anticipation of the prince’s money that never came. This information was obtained from an informal source (media). According to a letter dated July 16, 2014, by ADC, Arafco rent arrears had accumulated to Sh14 million