Absa Bank is now going for the repossession of 98 vehicles it financed in 2017 to the bankrupt Italian firm CMC Di Ravenna, which was tendered to construct the graft-plagued Itare dam.
High Court judge Francis Tuiyott Wednesday directed Rift Valley Water Works Development Agency to release the vehicles and equipment by Monday.
Absa lawyer Kamau Karori had complained that the agency was still holding the vehicles, despite being served with court orders.
According to court documents, Absa and the Italian firm entered into an asset refinancing deal in June 2017 where CMC transferred an equal joint ownership interest in the motor vehicles and equipment to the bank.
However, CMC defaulted in servicing the loan and Absa commenced the process of repossessing the vehicles in a bid to recover Sh585 million loans.
The DCI, who enjoined the case, said in documents that Sh160 million of the dams’ project money was paid to Toyota Kenya for 45 vehicles ranging from Prados, Fortuners, Corollas, Hiace vans, and pick-up trucks.
But only 17 of the vehicles were registered to CMC Di Ravenna.
