A Nairobi magistrate has issued arrest warrants for Kenyan industrialist Benson Sande Ndeta and his co-accused, Charles Hills Jr, over allegations of fraudulently obtaining a $35 million loan from Absa Bank Kenya.
The duo failed to appear in court to answer criminal charges, prompting the magistrate to order their arrest.
Ndeta, a prominent figure in Kenya’s cement industry, is accused of misrepresenting himself as acting on behalf of Savannah Cement Limited to secure the loan.
He faces several counts, including conspiracy to commit fraud, obtaining credit by false pretence, and making documents without authority.
The case stems from a shareholder dispute dating back to 2016, when Ndeta acquired additional shares in Savannah Cement through Seruji Limited.
This triggered litigation and investigations into the authenticity of corporate documents used in the loan transaction.
Ndeta’s business ventures have been under scrutiny, particularly his bid for Bamburi Cement, which collapsed after fraud investigations surfaced.
Tanzania’s Amsons Group eventually acquired Bamburi Cement for Sh23.9 billion.
The case highlights concerns about corporate governance and financial transparency in Kenya’s business sector.
With Ndeta’s arrest warrant issued, the authorities are likely to intensify their investigation.
