Kenya: Italian businessman charged for fraud

An Italian businessman has been charged in a Kenyan court with fraudulently obtaining company shares valued at Sh 690,000 (11,000Us$).

Carmine Grimaldi was charged in a Mombasa court (500km from Nairobi) with obtaining the shares through false pretence from a fellow Italian businessman Lorenzo Mauro of Village on Rivers Company.

Another charge leveled against Gramaldi stated that he signed and executed a transfer of share documents without lawful authority.

Italian investors are highly regarded in the Kenyan business scene since they have heavily invested in the hospitality and entertainment industry especially along the coastal towns of Mombasa, Malindi, Lamu, Mtwapa etc.

They own tourist hotels, resort clubs, yachts, motorboats etc along the coastal sand beaches. Other Italian investors run fashion clothes shops and casinos at the coast and other towns in Kenya.

By Ken Chelimo

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