Diamond Property Merchants Limited have refuted claims that investors lost money in one of their value added projects that delved into Agribusiness. Diamond issued a statement shortly after allegations surfaced online in what many perceived as a paid smear campaign by rivals or disgruntled customers.
Diamond Property has been in operations for about 18years now and has delved into land selling business issuing a total of about 3000 title deeds to investors.
"..Our business model is build on trust and service delivery" - Said their statement.
In their Bethany Phase 1 Project, Diamond Properties have indicated that Investors signed contracts with SME RESOURCE CENTRE LIMITED a company that set up Greenhouse Units and delivered in the first season. The SME paid out a total of Kshs 45 Million to investors as returns. However the SME failed to deliver for the second season and was subsequently sued by BOTH Diamond and the investors.
Diamond further said that a proof of claim exists and documents were filed by investors to NAIROBI FORENSICS LLP: Cause No. 24/2017.
In the online chatter today, Agribusiness project that was run by a third party company is the subject of the matter with bloggers and online users accusing Diamond Properties of conning investors in the project. Investors were promised returns from the project which allegations are that they lost their money instead.
Diamond Properties in a statement further have explained that after the fail of the SME RESOURSE CENTER LIMITED, they brought in Nguzo International to handle the Bethany Phase 2 and 3 project. Diamond Properties indicates that the company delivered returns worth Kshs 100M to investors in the initial seasons.
"The company later halted and never delivered "- says Diamond Property in their statement
Subsequently Diamond Property facilitated a law suit against Nguzo, Case number: CIVIL SUIT 298/2018.
The allegations that emerged today focused on individuals who bought land from Diamond Property with an investment in Agribusiness, a multi-billion shillings venture that sits on a 150 acre piece of land in Kajiado County. This project was launched in 2017 and attracted many investors. The investors purchased an eighth of an acre of land each on which greenhouses were constructed for them. According to the terms of agreement, the investors were to take home about KSh 200,000 every season, or KSh 400,000 annually as profit after deduction of production cost. Allegations online indicate that some of the greenhouses were swept away by floods and strong winds while the locals as well stormed the project land for grazing.
According to documents sen by Kenyan Herald, Nguzo International and SME Resource center Limited were outsourced to manage the Project and ensure returns to the investors. The two companies failed in their contract and what they promised the investors and must compensate the investors for the lost revenue.
Statement from Diamond Property