How Goldenscape Dream Turned into Financial Ruin

It all begun with a small group of investors, leasing several
greenhouses in Laikipia- together with the crops. After a period, a sustained
media blitz attracted more investors into the plot. It is their new cash
investment, paid upfront, that was used to settle what was owed to the initial
investors.

Trouble begun for this cleverly thought out pyramid scheme when no more
members were joining the scheme. This meant that there is no new cash coming in
to pay the already existing members.

Goldenscape has greenhouses which it was leasing together with the
crops (whole package). These gardens were of two sizes 8x15m at KSh320,000 and
returns of KSh 400,000 per year – the returns were paid in two seasons after
every six months and 8x30m at KSh.380,000 and returns of KSh 550,000 per year
payable in two seasons. The capital investment was paid upfront.

The greenhouses are in Laikipia county where one owns the greenhouse
for a period of 3 years. The contract is renewable after three years.

The client was required to pay KSh 15,000 per month for the management
of the greenhouse for the next two years starting from the second year.

After payment, the firm signs a contract and the client gives a one-month grace period to enable Goldenscape to prepare for seedlings and plant. The firm manages the greenhouse updating the client on the progress of the project until the maturity of the produce.

The firm markets and sells the produce and gives the client the agreed returns per season depending on the size of the greenhouse. Investors were told they could redeem their coupons at intervals of either quarterly, semi-annually or annually depending on investors’ choice.

Goldenscape Greenhouses Limited is a member of Goldenscape Group Limited dealing with agribusiness investments. Goldenscape Greenhouses Limited had the ‘LEASE A GREENHOUSE CONCEPT’ where potential investors inclusive of foreigners lease a greenhouse from the firm on its land It manages everything for a specified number of years. It constructs all types of greenhouses from metallic to wooden greenhouses.

The firm was established more than 10 years ago and has been recruiting
members right under the nose of authorities. It has tentacles in construction,
retail, manufacturing and agribusiness investments.

Directors sitting on the board of Goldenscape Group are not listed on the company’s website. This is except for Mr. Peter Wangai Muriithi, mentioned as the Chairman & Group Chief Executive. He has since gone into hiding since early March 2020 after shutting down the firm’s offices. The Directorate of Criminal Investigations (DCI) has been on his tail.

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