A real estate company has moved to court seeking to recover Sh100 million from a company they paid money to in a joint venture agreement.
In an application filed under urgency, Urban Solutions Real Estate Limited claims that Halal Meat Products Company received the money in an agreement to develop commercial properties on land in Kajiado.
Through lawyer Eddy Orinda, the Estate company alleges that the money was for settling existing liabilities on the properties to enable execution of the Joint Venture agreement.
In the documents filed in court, Gamal Shoeib Soliman, the company director, says in September 2015, his company made a deal with Halal meat company for mega construction of commercial and residential developments to be known as Karen Heights.
He argues that through a gazette notice dated December 22, 2017, the government, through National Land Commission, compulsorily acquired the land for construction of Phase 2A of the Standard Gauge Railway from Nairobi to Nakuru. He says this made Karen Heights project become untenable, effectively terminating the deal and causing immense losses to his company.
He states that pending the hearing and determination of the suit, the court should compel NLC to remit to his client’s company Sh100 million plus costs and interest from the compensation amount due and owing to Halal company, as compensation for the compulsory acquisition of all those parcels of land.