The Government has moved to dissolve 23 investment companies that were registered by several county administrators before the August 8 elections.
The Registrar of Companies issued a Gazette Notice calling for the dissolution of the companies after finding that they were only ceremonial instead of serving the purpose for which they were formed.
The investment companies were formed to market the various counties as suitable investment destinations and to assist investors in acquiring land and the necessary approvals and licences required to launch operations.
In addition, the companies were charged with approaching foreign and local investors as well as establishing public-private partnerships
The affected companies were registered by County Governments of Bomet, Bungoma, Embu, Garissa, Isiolo, Kajiado, Kakamega, Kericho, Kiambu, Kisii, Kilifi, Kirinyaga, Nyamira, Nyandarua, Lamu, Migori, Laikipia, Siaya, Samburu, Tana River, Tharaka Nithi, Trans Nzoia and Wajir Counties.
Some of the county officials have, however, disowned the companies they are said to have initiated.
"I served in the last assembly as a speaker where all policies were deliberated and approved but no such entity was activated. If at all it existed, someone needs to tell us what it did, the source of the money it handled and who its bank account signatories were," the Nyandarua County Assembly Speaker Ndegwa Wahome stated.
Bank accounts for the various companies have been frozen as an audit is conducted.
