Investor reaps Shs30b from govt, Kenya
The Government has accepted it is to pay $16 million (Shs30.3 billion) to a foreign investor who was authorised to construct a cement factory in Kamwenge District, but the contract was terminated prematurely.
The Indian-based company, Dura Cement Ltd, sued the government over unlawful cancellation of its mining lease for raw materials at Dura site in Kamwenge and giving it to Hima Cement Ltd. The company claimed the act is breach of contract for which the government is held liable.
The company sought court orders directing the government to compensate its management $103.5 million about (Shs194.4 billion) for the unlawful cancellation of its lease. Both parties later went to the Commercial Court Arbitration Registrar, Mr Henry Haduli, where the government accepted to pay the Shs30 billion.
Published under Cement News
