One of the pitfalls of investing in 3 World countries esp Africa is not knowing what you bought or didn't buy...
Delta Resources - backed by Mukesh Ambani of Reliance Industries - purchased land in Nairobi that is 30% less than what they thought they were buying!
The NSSF bought this land during the KANU years when KANU was rewarding its loyalists by raping Kenyans (not that PNU or NARC did any better) left, right & center.
So now the NSSF might have to give back KES 400 million (29% of the sale price) to Delta Resources.
What I find curious is that Delta did not dispute the 'error' earlier since you do not buy land at $11mn/ha and trust the seller before you survey it! Or was Delta Resources toying with NSSF all along while waiting to spring on them? Of course, NSSF is also at fault by selling what they do not own aka fraud.
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