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Lake Basin Mall drowning in Sh4b debt over unpaid loan

PSs Jerome Ochieng, Joe Okudo, Dr Margaret Mwakima, and Ali Noor tour the LBDA mall. [Kepher Otieno, Standard]

A loan taken by the Lake Basin Development Authority (LBDA) to build a mall has now risen to Sh4 billion due to accrued interest charged for failure to service the debt.

The principal amount from Co-operative Bank for additional construction work on the controversy-ridden project in Kisumu was Sh2.5 billion but it has piled up penalties.

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