Firm Denied From GDC Funds For Debt Of $2 billion

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The Menengai Geothermal Project maintenance services provided by an ICT business resulted in a Sh2 billion debt that the High Court has barred the ICT company from using cash stored in an NCBA Bank account as payment.

Judge Dorah Chepkwony of the High Court granted the Attorney General’s request after learning that the bank account contains an 80 million euro (Sh10.9 billion) loan intended for the investigation of the construction of a steam field in Bogoria.

According to the attorney general, Geothermal Development Corporation (GDC) created the bank account to receive the monies under a contract dated July 10, 2014, funding the project by KFW of Germany.

The court was informed that if the money were turned over to Lantech (Africa) Ltd, it may result in conflict between the governments of Kenya and Germany.

Business daily

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