Gakuyo Real Estate, the Infamous Kenyan real estate company, is back but under a new name.
Reports indicate the company associated with controversial clergyman Bishop David Kariuki Ngari alias Gakuyo of Calvary Chosen Centre has rebranded and changed its name to New Gakuyo Real Estate.
The rebranded company is said to be selling plots situated at its Kilimambogo project in Nakuru County, which is being advertised on a local vernacular station.
The development comes amid reports that investors who lost their money through Ekeza Sacco, an affiliate of Gakuyo Real Estate, are yet to be refunded.
Last year, an audit report revealed how Bishop Gakuyo channeled members' savings from the Ekeza Sacco account to a personal account only accessed by himself and his wife.
The report said Gakuyo used the money to fund his lifestyle and acquire numerous personal properties worth millions of shillings. The funds were transferred between 2015 and 2017.
Gakuyo moved Sh88 million to his account in 2015, Sh850 million in 2016, and a further Sh625 million in 2017.
Of the Sh1.5 billion wired to his account, Sh507 million was loaned to a section of Ekeza Sacco members who sought to purchase homes under Chosen Green City, a housing project in Kabati, Murang’a County. The housing project was being undertaken by Ekeza's sister company, Gakuyo Real Estate.
The Sacco was in 2018 placed under liquidation to protect investors from losing their money. Liquidation involves converting a company’s assets into cash by selling them to pay debt.