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Real estate firm refunds Sh200 million in failed greenhouse project

Real estate firm refunds Sh200 million in failed greenhouse project

Image from Standardmedia

Real estate company, Optiven Ltd has refunded up to Sh200 million to land buyers who had invested in its greenhouse project.

In a statement, the firm said the refund was after the company contracted to do agribusiness on behalf of the landowners defaulted on its part of the deal.

The case is in court. However, Optiven said it opted to refund its clients who had lost their cash in the 2017 deal.

The firm said its customers were either refunded cash or swapped the amount they had lost with new plots of land across its portfolio of properties. Others used the cash to offset balances on other plots they had bought with the firm.

The firm says it has refunded most of the affected customers. Those who opted not to take any refund are waiting for the court ruling on the matter at the Kajiado Law Courts.

“Optiven leadership takes this opportunity to apologise to the customers who got affected by this venture. We value you and this is the reason why we opted to do a refund of the cash paid for those greenhouses that did not materialise,” said the firm in a statement last week.

“Optiven will wait for the outcome of this case that is pending at the Kajiado Law Courts and commits to fully respect and follow the outcome of this matter when and once concluded.”

The 2017, the project dubbed Kilimo Tujijenge was guaranteed to earn investors up to Sh400,000 annually.

While advertising the project, Optiven Chief Executive George Wachiuri (pictured) referenced it to the Israel agribusiness.

The project was to sit on 200 acres of land in Kajiado County just 1.5 km from the tarmac.

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