The National Land commission(NLC) has purchased Integrity Center building that hosts the Ethic and Anti Corruption Commission for Sh1.5 billion,despite a Sh400 million valuation of the building.
The building was valued at Sh400 million four years ago that means that tax payers have paid the owners of the building Sh. 1.1 billion in profit.
“The National Land Commission determines that the property set out in the Schedule hereto shall, with effect from the date of the publication of this notice, be transferred and vested in the Permanent Secretary, The National Treasury,” the NLC said in a notice.
The original owner of the building was the collapsed Trust bank which was associated to the late cabinet secretary Nicholas Biwott.
After the collase the building was charged to the Deposit Protection Fund (DPF) because it was owned by Revack Ltd, a company that owed Trust Finance Ltd. Trust Finance was owned by the collapsed Trade Bank.
The building was later sold for Sh400 million to Tegus Ltd. whose shareholders are Watuwatu Ltd and Sunnex Enterprises Ltd, with Ms Rachel Wanjugu Muthui and Mr Anish Doshi as directors and minority shareholders.
The two companies, Tegus Ltd and Watuwatu Ltd were both registered on the same day on March 13, 2013 and are situated in the same address within the CBD.
Before the acquisition, EACC were paying a monthly rent of Sh5.83.
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