Savanna Cement Limited Director Benson Sande Ndeta will spend a weekend in police cells after being charged with Ksh 700 million bank fraud.
Mr Ndeta who was today arraigned before Magistrate Gilbert Shikwe alleged that he is a victim of business competition after successfully bidding for the takeover of Bamburi Cement Company.
“Mr Ndeta is a victim of business completion after successfully bided for the purchase of Bamburi cement company “ Said Lawyer Cecil Miller in defending his client.
Mr Miller urged milimani senior principal magistrate Gilbert Shikwe to release is client on a lenient cash bail.
He told the court that the amount of USD 35 million on the charge sheet is a loan his client secured from a bank to pump into his vast business emperor.
Mr Miller told the court that Mr Ndeta is the first person in history to be charged with a criminal offense for obtaining a commercial.
“It is astonishing that an industrialist can be charged for securing a loan from a lender to create employment and increase the GDP of thr country.” Mr Miller submitted.
Saying that the accused is not a flight risk as claimed by prosecuting counsel judy koech Mr Miller appearing with Edgar Busiega said the accused is a Kenyan who has a family and school going child with huge investment in the country and can not abscond.
Mr Ndenda how is jointly charged with Charles Hills JR has denied nine counts of forgery and fraud.
Ndeta is accused of obtaining credit of USD 35 million form Absa Bank Kenya PLC purporting he was acting on behalf of savanna cement limited .
Magistrate Gilbert Shikwe ordered the accused be remanded at Muthainga police station until Monday when he will rule on the application opposing release of the accused person on bond.
