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Wednesday, August 27, 2008

Keny Investigation - How LAAICO Gains Ownership Outside of Libya

Chief justice Abdul Majid Cockar is invstigating how LAAICO Libya deceptivly moved into Kenya to buy The Grand Regency Hotel

This is how:

  • Form a shell company with a small mount of money, formed by local citizens
  • Buy the Hotel
  • Petition the court to change the Directors
  • LAAICO keeps 998 shares, the 2 local owners retain 1 share each.


The company with a majority shareholding in Grand Regency Hotel was registered and incorporated in Tripoli, Libya, and Bought the Hotel.

  • Libya African Investment Company (Laaico) has 998 shares compared to only two shares of Mr Ahmed Mohamed Amaer and Mr Mohammed Shtewi Maawal who locally incorporated the Libya Arab African Investment Company (Laaico).
  • Laaico (Libya)purchased the hotel from Central Bank of Kenya for Sh2.9 billion.
  • Ms Pauline Wanja told the inquiry that Laaico was locally incorporated with Amaer and Maawal as the directors.
  • Laaico Ms Wanja told the commission, was registered with a nominal share capital of Sh100,000 divided into Sh1,000 ordinary shares of Sh100.
  • Mr Amaer and Mr Maawal have one share each with Laaico retaining the remaining 998 shares.
  • After the registration of Laaico in August last year that Laaico was brought on board earlier this year and allotted the remaining 998 shares.
  • Giving a chronology of events as they unfolded during the registration of Laaico, Ms Wanja, said a certificate of incorporation number C143168 was issued after the company fully complied with registration requirements.
  • J.W. Wambua and Company Advocates that applied for registration of Laaico,
  • Mr Ahmed Adan of Adan, Wetangula and Makokha Advocates signed the company’s declaration forms for change of new directors,
  • Before the registration, Mr Amaer and Mr Mawaal had presented three company names, Strategic Property, Original Communications and Libyan Arab African Investment Company to the Registrar General for search and verification.
  • The eventual directors settled on Laaico.“Any of the three companies could have been registered but the businessmen settled for Libyan Arab African Investments Company,”

The Rest @ The Business Daily (Kenya)

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