A court in Kenya on Monday, February 7, released on bond a Kenyan businessman whose real estate development firm defrauded Rwandan property buyers 10 years ago, The New Times has learnt.
Nathan Lloyd Ndung’u, the Kenyan-American businessman who owned the now defunct DN International, was last week arrested in Nairobi over the fraud case he faces in Rwanda.
Rwanda's prosecution wants the man extradited to Rwanda to account for the crimes he allegedly committed in Rwanda.
The court ruling earlier set to be made on February 4 was postponed to Monday, February 7.
According to sources, he was on Monday released on bond of Kshs1 million (around Rwf 8.7 million).
By Monday afternoon, a source said, he was being held at Gigiri Police Station, in Nairobi, awaiting release.
The case is to be mentioned on February 28.
Lloyd was last week arrested as he arrived in Nairobi, reportedly from the US. He was on an Interpol Red Notice after an arrest warrant was submitted to Kenyan authorities in 2018.
In 2017, people who formerly delivered supplies or bought homes from the firm launched a fresh lawsuit demanding payment for investments made on the development of one of the housing projects by DN International (Green Park Villas) in Gasabo District, Kigali, which was incomplete when the firm became insolvent.
Faustin Nkusi, spokesperson of the National Public Prosecution Authority (NPPA), on February 3, told The New Times that: "We are following up the case, together with Kenyan judicial authorities and we have judicial cooperation with them.”
In 2007, DN International acquired a loan of more than Rwf800 million from Fina Bank to develop 28 housing units, in Masaka Sector, Kigali.
In January 2010, DN International, embarked on a project to construct more than 50 residential housing units it was to complete by the end of that year. A year later, Lloyd was arrested and detained at Remera Police station in Kigali before he fled the country that same year after an investigation was commissioned over fraud allegations.
By November 2011, it emerged that 19 people including top government officials had fallen victim to a scam and petitioned President Paul Kagame over the auction of the houses.
He was presented before a Nairobi court on February 2.