Equity Bank CEO James Mwangi has been arraigned in court for allegedly grabbing a three-acre piece of land in Muthaiga, Nairobi, which belongs to a private firm.
The company, Mount Pleasant LTD, accused the CEO of using police to trespass into their land that he has laid claim.
It is reported that on June 15, 2020, the Equity Bank executive went to the piece of land accompanied by police officers, kicked out the guards, and put his own guards.
According to the Company, the property registered under Land Reference No 214/20/2 was bought from former Finance Minister Arthur Magugu and his wife Margeret Wairimu at Sh130 million on July 21, 2006.
Mwangi and his fellow respondent, Jane Wangui Mundia, reportedly acquired the land in question at Sh306 million in 2013.
In the same year, another businessman, John Birech, filed an encroachment complaint that the company had infringed on LR No 214/20/2/2.
He was accused of trying to grab the land, and Birech subsequently charged with forgery, but the court acquitted him on July 5, 2019.
Mount Pleasant had sued the businessman, and he admitted that he had no interest in the land.
In 2015, a land search established that the data on the land ownership could not be found; hence Mount Pleasant was forced to file a missing file complaint.
In 2016, the company was issued with a certificate confirming ownership of the land.
It is alleged that the land register was tampered with to clear evidence and details of successive ownership.
However, the Equity Bank CEO is yet to respond to the claims.
The accusations against the CEO come four days after he was honored with the prestigious 2020 Oslo Business for Peace Award winners.
The award-winning CEO was chosen by four Nobel Prize winners because of his role in offering banking services to people who initially could not access them and for boosting Kenya’s Gross Domestic Product (GDP)