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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / China's Prepares To Seize Kenya's Port Of Mombasa For Debt (1773 Views)
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China's Prepares To Seize Kenya's Port Of Mombasa For Debt by quickly: 3:04am On Dec 29, 2018 |
China's African debt-trap: Beijing prepares to seize Kenya's port of Mombasa Nairobi fails to repay massive debts on shady loan for underperforming railway, Kenyan infrastructure ripe for the taking: reports 214152 By Duncan DeAeth,Taiwan News, Staff Writer 2018/12/27 17:53 File Photo: Kenyan Pres. Uhuru Kenyatta and Xi Jinping, 2013 File Photo: Kenyan Pres. Uhuru Kenyatta and Xi Jinping, 2013 (By Associated Press) TAIPEI (Taiwan News) – China may be preparing to seize some major assets in the African nation of Kenya, as a result of debt-trap diplomacy. African media reports that Kenya may soon be forced to relinquish control of its largest and most lucrative port in Mombasa to Chinese control. Other assets related to the inland shipment of goods from the port, including the Inland Container Depot in Nairobi, and the Standard Gauge Railway (SGR), may also be compromised in the event of a Chinese port takeover. Kenya has reportedly taken extremely large loans from the Communist government for the development of some major highways, and especially for the SGR, which forms a crucial transport link to and from Nairobi for the import and export of goods through Mombasa. In November, Moody’s noted that Kenya is at high risk of losing strategic assets because of debts owed to Beijing. Local media began to express concern that Chinese lenders may be angling to seize assets, since it does not appear the Kenyan government will be capable to repaying the loans. Now, one month later, ahead of the New Year, it’s been reported that the Chinese may be preparing to take over the Mombasa Port infrastructure soon. The African Stand also seems to suggest that the SGR, which is operated by the Chinese, may have been designed to be a “loss-making venture.” With a reported loss of KES 10 billion (US$98 million) in its first year of operation, it would be nearly impossible to repay the loans taken for its construction in the time requested. Kenya reportedly accepted loans of KES 500 billion (US$4.9 billion) for the SGR’s construction. Kenya's Standard Guage Railway linking Mombasa to Nairobi (Associated Press Photo) Kenya’s Auditor General reportedly stated that deal has always favored the China Exim Bank, which advanced the loan for the project. Further, Kenya signed on to a deal that requires any arbitration of disputes related to the debt must take place in China. From the African Stand. An audit completed last month indicates that Kenya Ports Authority’s (KPA) assets, which include the Mombasa port, could be taken over if the SGR does not generate enough cash to pay off the debts. “The China Exim Bank would become a principle in (over) KPA if Kenya Railways Corporation (KRC) defaults in its obligations and China Exim Bank exercise power over the escrow account security.” When the Chinese lender granted the loan to the Kenyan government, somehow the KPA signed on as a borrower. Somehow Kenya's government agreed that the port “would not be protected by sovereign immunity since the Government waived the immunity on the Kenya Ports Assets" by virtue of KPA signing on as a borrower, according to the Auditor General. It is becoming increasingly clear that China’s designs on the nations of Africa are anything but benevolent. Kenya appears to be lining up behind Zambia, which is slated to lose its international airport, as well as its national electricity grid because of defaults on Chinese loans. African nations must wake up to China’s new form of colonialism that is chipping away at their critical infrastructure one major asset at a time |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Nobody: 3:04am On Dec 29, 2018 |
Let them seize it first now.... After all.... AGREEMENT IS AGREEMENT. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Kingpee2(m): 3:10am On Dec 29, 2018 |
Can China just come and seize Nigeria away from this stupid polithiefians we have here. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by wickyyolo: 4:39am On Dec 29, 2018 |
They should come and seize PHCN. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by teeytimi: 4:53am On Dec 29, 2018 |
I just hope our dullard here hasn't signed any if those agreement. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by effoi: 4:55am On Dec 29, 2018 |
There is no free lunch. Nigeria should tread carefully with China or they could be the next victims. Our oil assets could be seized 2 Likes |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by helinues: 5:03am On Dec 29, 2018 |
Source or ....... |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by tochukwuifediba: 5:10am On Dec 29, 2018 |
Fake news please . Chinese embassy Nairobi already debunked that news 1 Like |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by austinsmat(m): 5:22am On Dec 29, 2018 |
My only question is which agreement our own government sign with China loan and collateral use for the backup |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by ChidiAlaigbo: 5:32am On Dec 29, 2018 |
Nigerian s can't spot fake news? |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by speedyconnect3: 5:44am On Dec 29, 2018 |
China should come and seize naija biko |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Exposeke: 10:27am On Dec 29, 2018 |
quickly:Soon Africa is going to be a Chinese colony, with some of the most poweful African nations already owing huge debts to China [url]Top 10 African countries with highest Chinese debt[/url]https://exposeke.com/top-10-african-countries-with-highest-chinese-debt/ |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by ibkayee(f): 2:33pm On Dec 29, 2018 |
Give out large loans to countries they know can’t pay back with corrupt politicians who will steal the money, collect back the debt by owning their resources. Wash, rinse, repeat 2 Likes |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by PurestBoy(m): 2:57am On Dec 30, 2018 |
What if they refuse the take over, will they take over by force or declare war on them because of debt? |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by wowcatty: 12:31am On Dec 31, 2018 |
No wise country would sign anything with Fg of Nigeria when they know Nigeria is a fraud operating on burrowed time. All the infrastructures feeding Nigeria in Yoruba land will be blown up and will take nothing less than 5-10 years to rebuild. teeytimi: |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Vtrd: 4:10am On Dec 31, 2018 |
America warned them. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Nobody: 9:37am On Dec 31, 2018 |
Am a Kenyan and this news is fake which was trolled by some unethical bloggers,even the Chinese government itself dismissed these claims including our government's auditor general Ouko. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Kay17: 10:08am On Dec 31, 2018 |
Although legally, it is almost impossible for China to seize an asset as a debt realisation device without an insolvency legal framework or treaty. Especially where the port lies within Kenya's sovereign territory. Bankruptcy for countries is very tricky. |
Re: China's Prepares To Seize Kenya's Port Of Mombasa For Debt by Horus(m): 1:29pm On Jan 02, 2019 |
https://www.youtube.com/watch?v=Uk40ss4LtiU China's Prepares To Seize Kenya's Port Of Mombasa For Debt |
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