Controversial land-buying company Lesedi Developers has been shut down after allegedly defrauding investors with more than sh 1 billion.
The company’s director, Geoffrey Kiragu, used prominent Kikuyu musicians and popular vernacular stations to advertise the company, leading to a loss for many investors who had bought land from the company.
The news of the company’s closure comes after a video was shared online showing a man defacing branded images of the musicians, among them Samidoh, who had been contracted as brand ambassadors for the company.
HOPES DASHED, DREAMS SHUTTERED AFTER 40 DAYS
Lesedi has officially closed its main office in Thika. Auctioneers have swept everything. All staff have gone home without 2 months salary.
Kikuyus will never learn. Banda, Gakuyo, Suraya, Urithi, Lesedi?? FOOLS— Tabby Kanyungu (@Tabbykanyungu) February 20, 2023
A notice informing clients that the company is closed has been hung at the main entrance.
Investors who had been conned by Kiragu staged protests in Thika Town and urged the government to intervene.
The closure of the company is a significant blow to the investors who had bought land from Lesedi Developers.
The Kenyan government has recently been cracking down on fraudulent land-buying companies, and the closure of Lesedi Developers is seen as a step towards cleaning up the industry.
Watch a video of the company’s main offices that have been shut down.
