Savanna Cement Limited Director Benson Sande Ndeta was on Friday arraigned before a Nairobi court and charged with Sh 700 million bank fraud.
Ndeta is accused of obtaining credit of USD 35 million from Absa Bank Kenya PLC purporting he was acting on behalf of savanna cement limited .
However, Ndeta told Magistrate Gilbert Shikwe that he is a victim of business competition after successfully bidding for the takeover of Bamburi Cement Company.
Through lawyer Cecil Miller, Ndeta said he is a victim of business completion after successfully bided for the purchase of Bamburi cement company.
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.
Miller told tcourt that 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.” Miller said.
The court was also told that Ndeta is not a flight risk as had alleged by state as he has a family and school going child with huge investment in the country and cannot abscond.
Miller urged milimani senior principal magistrate Gilbert Shikwe to release is client on a lenient cash bail.
Ndenda how is jointly charged with Charles Hills JR has denied nine counts of forgery and fraud.
Magistrate Shikwe ordered Ndeta to. be remanded at Muthaiga police station until Monday when he will rule on the application opposing release of the accused person on bond.
