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Kisii Land Fraud Scandal Engulfs Nyachae Son Michael in Sh35 Million Property Battle
Nyakundi Report newsroom · Updated Jun 9
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Where we are now
- Shareholders linked to Simeon Nyachae allege fraud in a Sh35 million land sale.
- Michael Moragia Nyachae is accused of disposing of the property for Sh8 million.
- The High Court has allowed a derivative suit to proceed against company directors.
- Judge Freda Mugambi ruled the case meets the legal threshold for a full trial.
- The case highlights concerns over corporate governance and asset diversion.
- Claim: Shareholders allege the land sale was fraudulent and undervalued.
- Claim: Directors, including Michael Moragia Nyachae, are accused of secret dealings.
- Claim: The property allegedly changed hands for Sh8 million instead of Sh35 million.
- Claim: The transaction is claimed to be irregular and structured to undervalue assets.
What we know
- Shareholders linked to Simeon Nyachae allege fraud in a Sh35 million land sale.
- Michael Moragia Nyachae is accused of disposing of the property for Sh8 million.
- The High Court has allowed a derivative suit to proceed against company directors.
- Judge Freda Mugambi ruled the case meets the legal threshold for a full trial.
- The case highlights concerns over corporate governance and asset diversion.
- Claim: Shareholders allege the land sale was fraudulent and undervalued.
- Claim: Directors, including Michael Moragia Nyachae, are accused of secret dealings.
- Claim: The property allegedly changed hands for Sh8 million instead of Sh35 million.
- Claim: The transaction is claimed to be irregular and structured to undervalue assets.
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