Absa auctions 40 cars linked to Itare dam scam
- The Itare dam is the focus of criminal investigations.
- The Italian firm went bankrupt and filed for insolvency in Italy to rescue its operations and prevent the company from being liquidated.
- It sought to freeze the auction in Kenya pending a decision of the Italian courts, but Justice Francis Tuiyott rejected the application.
Absa Bank Kenya #ticker:ABSA has put up for auction over 40 vehicles purchased by a bankrupt Italian firm for use in the construction of the controversial Itare Dam in Nakuru over a Sh585 million loan.
The forced sale of the seized vehicles and equipment — including Isuzu D/Max, tippers, prime movers and cranes — has been scheduled for October 28,…