This archive report was first published on 18 December 2019.
On December 18, 2019, Business Daily reported that Diamond Property Merchants was facing a financial crisis, with the company's prime land set to be auctioned off to recover a debt owed to Consolidated Bank.
The land, which was purchased by hundreds of buyers who had planned to put up houses, is now at risk of being sold as a block, rather than as subdivided plots, resulting in significant losses for the buyers.
Despite being crowned the winner of the ninth edition of the Business Daily-KPMG's Top 100 Mid-Sized Companies' annual survey in 2016, Diamond Property Merchants has been embroiled in controversy over its green house projects, which promised investors guaranteed returns upon purchasing of plots.
