China could seize Mombasa Port over SGR loan.
The port of Mombasa could be under the control of the Chinese if the government defaults on the Sh364 billion SGR loan.
The Auditor General reveals that the assets of Kenya Ports Authority were used as collateral for the Sh363.96 billion Standard Gauge Railway loan.
In a report tabled in Parliament, the Auditor General reveals officially for the first time that Kenya waived its immunity in the event of a legal dispute linked to default of servicing the loan.
The borrowers – KPA and Kenya Railways Corporation - gave up claim to any immunity from legal proceedings or any of their assets.
This would be in respect of any cases filed today or in future in connection with the agreement.
In what brings the risk closer to home, KPA is referred to as the borrower, contrary to ...