Benson Ndeta, a business magnate, was given temporary freedom.

Business Tycoon Benson Ndeta Granted Temporary Freedom

Business magnate Benson Sande Ndeta avoids spending the weekend behind bars after the High Court intervened to grant him release pending the determination of his ongoing legal battle.

This follows an earlier decision by a Nairobi magistrate to detain him at Muthaiga Police Station until Monday after he denied the charges in court.

Judge Bahati Mwamuye swiftly issued an order for Ndeta's release on Friday, granting him freedom unless he faced detention for other charges related to the same case. 

The court mandated that Ndeta’s legal team file the necessary documents with the Director of Public Prosecutions (DPP) by the end of Monday, December 2. Further proceedings are expected in January 2025.

The businessman, who holds a major stake in Savannah Cement, faces multiple fraud charges connected to the company’s financial dealings. 

Ndeta and his co-accused, Charles Hills Jr, are accused of illegally securing a Ksh 4.5 billion loan from Absa Bank (formerly Barclays Bank) between 2017 and 2018.

They are charged with conspiracy, false documentation, and defrauding the bank.

Ndeta pleaded not guilty to all charges. 

His lawyer, Cecil Miller, condemned the accusations, arguing that Ndeta was merely conducting legitimate business aimed at expanding operations, providing jobs, and contributing to the nation’s economic growth.

Miller further contended that the charges were orchestrated due to competition, specifically after Ndeta’s successful bid to acquire Bamburi Cement, the largest cement manufacturer in Kenya.

While the prosecution insisted that Ndeta posed a flight risk, claiming he had not disclosed his residential address to authorities, Miller countered that Ndeta is firmly rooted in Kenya, with a family and substantial investments in the country. 

The prosecution also expressed concern that Ndeta might interfere with investigations, an assertion that was strongly rejected by his defense.

The charges stem from an alleged scheme to obtain a loan for Savannah Cement under false pretenses, with the accused reportedly forging corporate documents. 

Ndeta and Hills Jr are also accused of misrepresenting themselves as authorized representatives of Savannah Cement when securing the loan.

Hills Jr is further accused of fraudulently posing as a director of Savannah Heights, a company involved in the loan process.

The case is linked to the broader financial struggles of Savannah Cement, a company that was placed under administration in late 2022 after failing to meet its loan obligations. 

Despite its financial setbacks, the company’s internal disputes and management battles have kept it in the public eye, particularly after Ndeta’s controversial proposal to buy Bamburi Cement for Ksh 25.41 billion, a move that surpassed rival offers.

Comments

Post a Comment

Popular posts from this blog

GENERAL EGG KNOWLEDGE

Image
24 GENERAL EGG KNOWLEDGE 1. Storing eggs upside-down makes them last longer. Turning your eggs upside down before stashing them in the fridge will make them last longer. Placing the pointy end down in the carton will prevent air pockets inside the shell from coming in contact with the yolk, which helps slow down the aging process. 2. It is generally not recommended to eat eggs from reptiles like snakes and lizards, or other non-bird animals, because their eggs are not a good source of nutrition for humans. They are often high in fat and low in protein compared to bird eggs. Some reptile eggs can carry harmful bacteria or parasites that can make you sick. 3. Washed eggs need to be refrigerated. When a hen lays an egg, with that egg pops out with a nearly invisible coating called a bloom. This bloom helps prevent air and bacteria from permeating the shell and prematurely aging the egg. That is why fresh eggs straight from the chicken are often placed in bowls or baskets on th...
Read more

PRODUCER CEDO SPEAKS ON FALLOUT WITH NYASHINSKI

Image
Music producer Cedrick ‘Cedo’ Kadenyi has broken his silence over rumors surrounding his friendship with rapper and singer Nyashinski. The two reportedly fell out over a lucrative business deal. In June, Nyashinski reportedly asked Cedo to produce jingles for a client, offering Sh1 million for his work on a deal valued at Sh10 million. Initially, Cedo agreed, but after learning the full scope of the deal, he reconsidered and sought a higher fee. Adding fuel to the fire, Nyashinski removed 20 of his tracks from major streaming platforms such as Spotify. Interestingly, many of the tracks were produced by Cedo. The move meant that Nyashinski and Cedo would both lose out on earning royalties from those songs. CeDo Cedo Addresses Nyashinski Rift When asked about the situation, Cedo remained very diplomatic. But he acknowledged the changes. “If we were not aligned, we would not have made beautiful music together,” Cedo shared. “We are still gre...
Read more

What are Fibroids

Image
1. Fibroids are abnormal growths that develop in or on the uterus. 2. Sometimes these tumors become quite large and cause severe abdominal pain and heavy periods. In most cases, they cause no signs or symptoms at all. 3. The growths are typically benign, or noncancerous. The cause of fibroids is unknown. 4. Fibroids are not curses 5. Fibroids are also known by different names 6. Fibroids aren't treated in places of Worship (Church or Mosque).. Don't go to bishop Johanna to have your fibroids prayed for 7. Not all fibroids deserve treatment 8. Women having fibroids have pain in their tummy, discomfort as a result of size, increased weight, pregnant look, pain and tingling sensation on one or both legs, painful and heavy bleeding. 9. Fibroids can affect fertility 10.Fibroids feed on sugar and are fertilized by hormones oestrogen and progesterone hormones  11. Drop Sugars and processed milk to starve them 12. Drop seed oils , grains and Waaru  13. Eat lots of crucif...
Read more