Economy

Investors sue greenhouses scam suspect for Sh570m


Goldenscape group limited founder and chairman Peter Wangai speaks during a past media brief. PHOTO | SALATON NJAU | NMG

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Summary

  • In their court papers, they say they invested over Sh54 million in Goldenscape Trees Africa Limited, a subsidiary of Goldenscape Group, between 2017 and 2019.
  • They have asked the courts to find that the tree and fruit farming venture as promised by Goldenscape is a con, and order for a refund of their investments.

A group of 80 investors has sued Goldenscape Group and its owner Peter Muriithi Wangai, demanding Sh570 million they were promised through a fraudulent tree and fruit farming venture.

In their court papers, they say they invested over Sh54 million in Goldenscape Trees Africa Limited, a subsidiary of Goldenscape Group, between 2017 and 2019.

They have asked the courts to find that the tree and fruit farming venture as promised by Goldenscape is a con, and order for a refund of their investments and the Sh516.4 million that they would have made in profits as per contracts signed with the firm.

Mr Wangai was charged before a Nairobi court in March with obtaining millions from Kenyans by promising them good returns.

Assets Recovery Agency (ARA) also convinced the High Court to freeze assets including six vehicles, five motorcycles, and placed caveats against 15 parcels scattered in Laikipia and…

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