Nairobi, May 5 -- Cash-strapped SIC Investment Co-operative plans to offload its undeveloped land to ease liquidity pressures and pay millions of shillings owed to investors.

The co-operative, which formerly traded as Safaricom Investment Co-operative, is struggling to settle claims from customers who invested fortunes in the Pepea Fixed Deposit product that was offering them annual returns of up to 12 percent.

The board has now approved the sale of the co-operative's land parcels to ease liquidity pressures and settle investor dues. SIC also plans to use the proceeds to compensate shareholders whose shares were sold on the secondary market but remain unpaid.

SIC told investors at the recently held annual general meeting it will priori...