She is a university professor and said she only recently learned her husband sold 200 acres of prime land without her consent to Kipchoge and Kipruto. This happened over 10 years ago and she alleges Kipruto and Kipchoge swindled her husband as the land is worth 100 million Kenyan ($771,000 US) Shillings but it was sold for only 10 million (71k).
I didn’t see a motive speculated for Daniel to give away the property for a low price. It sounds like a domestic dispute about whether the wife did or did not co-own the property, and the property itself was sold over a decade back at the then fair market price; or perhaps at the lower “recorded” price with side payments to avoid capital gains taxes.
In many, especially non-western, countries, recording a below-market sale price is considered too garden variety a crime because everyone knows “everyone” does it, so the law is effectively not enforced unless it becomes too in-your-face outrageous or embarrassingly public knowledge.
Can someone with first hand knowledge of Kenya comment on whether it’s common to underreport property sale prices there?
I didn’t see a motive speculated for Daniel to give away the property for a low price. It sounds like a domestic dispute about whether the wife did or did not co-own the property, and the property itself was sold over a decade back at the then fair market price; or perhaps at the lower “recorded” price with side payments to avoid capital gains taxes.
In many, especially non-western, countries, recording a below-market sale price is considered too garden variety a crime because everyone knows “everyone” does it, so the law is effectively not enforced unless it becomes too in-your-face outrageous or embarrassingly public knowledge.
Can someone with first hand knowledge of Kenya comment on whether it’s common to underreport property sale prices there?
At the moment, Kenya doesn't have an enforceable capital gains tax, but when selling land there is a stamp duty to be paid. Something like 3% if I'm not wrong.
Up until maybe 10 years ago or so, land was generally the prerogative of the man to sell as he so chooses. But these days, other stakeholders of the land (spouses, children) have veto powers over a sale even if they are not listed on the title deed.
Land has really appreciated in Kenya because of speculators but also, because a lot of development projects have come up in the last 20 years but especially the last ten.
I'm also interested to know what the fair market value was back when it was sold. Using current value to look at a 10-year-old purchase seems disingenuous.
She is a university professor and said she only recently learned her husband sold 200 acres of prime land without her consent to Kipchoge and Kipruto. This happened over 10 years ago and she alleges Kipruto and Kipchoge swindled her husband as the land is worth 100 million Kenyan ($771,000 US) Shillings but it was sold for only 10 million (71k).
She is a university professor and said she only recently learned her husband sold 200 acres of prime land without her consent to Kipchoge and Kipruto. This happened over 10 years ago and she alleges Kipruto and Kipchoge swindled her husband as the land is worth 100 million Kenyan ($771,000 US) Shillings but it was sold for only 10 million (71k).
The price she is claiming the land was worth, moreover for an agricultural plot, is ridiculous. No one would have bought it at that amount unless they were fools. Plus, how is it the fault of the buyers if the husband didn't involve her in the decision to sell the land???