It seems there is no end in sight for the DN International saga, the largest housing scam this country has ever witnessed.
It’s first victims had bought residential houses from the developers, only to discover they were conned. If the government had not stepped in to bail them out, many of the beneficiaries would have lost the houses and the money they had paid to acquire them.
Now, it seems, that is not the end of the story; suppliers and former employees of the insolvent company are seeking their dues, but from the look of things, their chances are slim. The reason is that a local bank seeks to recover loans it extended to the company, and according to the law, it holds precedence since it is the custodian of the collateral.
Who will save the labourers and suppliers to recover the Rwf 600 million the company allegedly owes them? There is need for the government to step in once again to find an amiable solution so that if any party should make losses, they would be minimal.
Even though the government has tried to bring to justice to the Kenyan-born proprietor of the company, he is still at large. But whether he is arrested or not, creditors – big and small – should be treated equally.
There was definitely a lapse in monitoring the dealings of DN International, whether by government organs or banks, so it would be unfair if the common man was to bear the brunt of the investor who hoodwinked everyone. Also people should be sensitised not to go into transactions without following the due process of acquiring or selling of property.
People need to know that for any transaction to be binding, a contract has to be signed between the buyer and the seller. And the buyer must get documents to certify ownership. The first victims of the investor entered into a contractual deal without insisting on getting documents of ownership.