Agribusiness company Goldenscape Greenhouses has failed to pay its investors since December 2019 and could be on the verge of collapsing, it has emerged.
The firm has also reportedly closed some of its offices in Nairobi and the Managing Director Mr Peter Wangai has gone under, with all his phones switched off.
No office phone is working, even as investors stare to loss of billions invested with the firm that promised them lucrative returns in just six months
According to information from inside sources, the investors should not expect a dime from the company, which had promised to pay them on February 29 but went under.
The investors have flooded the Facebook page of the company to demand their dues, but the company remained mum over the issue.
“If they had paid people they would post of it. But since 27th they haven’t updated anything and haven’t responded to anyone’s post. Just observe. Can someone ask for a refund coz I don’t want this game I better put my money in a money market fund. They have failed (sic),” noted Faith Delina.
The last post on the Facebook post was on February 27 at 6.48pm,a day before the day the investors were promised their pay.
The post indicated that they were diverting to herbs farming, quoting the example of a little known herb known as the tarragon (Artemisia dracunculus), also known as estragon, a species of perennial herb in the sunflower family planted in Eurasia and North America. They allege that they have planted the herb in their Meru farms.
Initially, the investors were to be paid in December 2019 but the company started excuses blaming the lack of payment to poor weather patterns.
A letter to investors dated December 27, 2019 reads: “Our internal systems coupled with tough weather patterns the past few months caused a great setback in our line of business as some crops went bad or were destroyed as primary or secondary reasons of poor yield and loss of few markets. Nevertheless, we have been able to settle some few investors’ returns on investments. Remember, our insurance covers crops and not markets, so the poor market uptake is solely within our purview.”
The letter promised that the dues would be paid on February 29, 2020, but by that time the management went under and the offices were closed.
On the said date, the company sent investors emails with amended contracts with reduced returns and reduced contract period.
“If you have seen the new amendments, this is a joke,people took loans depending on the contract promise at that time now amending to what is proposed is totally against the agreement and contract regulation,” wrote Enos Wangukwa on Facebook.
Efforts by Kahawa Tungu to reach the management was futile as most phones were off and those which were on went unanswered.