ABC Bank blocked from auctioning prime South C land to recover Sh158m
Two prime properties in South C belonging to businessman Mohamed Barre will not be auctioned after all. This is after a man who fraudulently obtained the title deeds and charged them to ABC Bank agreed to an out-of-court settlement.
Barre last month wrote to the CBK and the National Land Commission last week seeking help to stop the auction. He said the plots were fraudulently charged by ABC Bank. Barre accused Mohamed Abubakar and Aress Ibrahim of Aima Enterprises of using the titles as collateral without his knowledge.
Bank documents obtained from the Anti -Banking Fraud Unit show the two colluded with Gulf African and ABC banks to defraud Aden of his land in South C. The property has two titles as it was subdivided. ABC wanted to auction the properties to recover Sh158 million advanced to Aima Enterprises.