He conned a developer.
What is now Tena estate, was supposed to be a moderns Doonholm, Savannah, Greenfield Estate. It’s a complicated case.
A Israeli developer, Joseph Goldberger, bought 900 acres in Eastlands ( then Donholm). He had got capital from developing present day Mountain View Estate.
He run out of cash and approached National Bank for a loan. National Bank CEO was one Stanley Githunguri. Githunguri hatched a plan. He asked Goldberg sell him some of the land, they then develop houses and sell them to National Bank employees, who would be guaranteed mortgages.
So 80m( lot of money those days) loan was advanced under “soft conditions”. Githunguri told Goldberg to deposit 50m in interest earning accounts. Following Jomo Kenyattas demise, Moi started firing all of his henchmen. Githunguri got the axe from National Bank. The Israeli developer then got a demand from the bank to service the 80m loan.
He then found out the 50m held in the interest account was non-existent. The Doonholm project fell apart. Githunguri then built Lilian Towers.
https://nation.africa/kenya/news/ho...w-to-the-dream-of-a-planned-eastlands-4043384
What is now Tena estate, was supposed to be a moderns Doonholm, Savannah, Greenfield Estate. It’s a complicated case.
A Israeli developer, Joseph Goldberger, bought 900 acres in Eastlands ( then Donholm). He had got capital from developing present day Mountain View Estate.
He run out of cash and approached National Bank for a loan. National Bank CEO was one Stanley Githunguri. Githunguri hatched a plan. He asked Goldberg sell him some of the land, they then develop houses and sell them to National Bank employees, who would be guaranteed mortgages.
So 80m( lot of money those days) loan was advanced under “soft conditions”. Githunguri told Goldberg to deposit 50m in interest earning accounts. Following Jomo Kenyattas demise, Moi started firing all of his henchmen. Githunguri got the axe from National Bank. The Israeli developer then got a demand from the bank to service the 80m loan.
He then found out the 50m held in the interest account was non-existent. The Doonholm project fell apart. Githunguri then built Lilian Towers.
https://nation.africa/kenya/news/ho...w-to-the-dream-of-a-planned-eastlands-4043384