April 20, 2024


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Kenya: Rwandese investor declared owner of controversial 400M business

The High Court has declared Desire Muhinyuza, a Rwandese businessman as the rightful owner of a controversial 400 million business.

Issuing the ruling was justice Mabeya who noted that the first defendant committed fraud by not filling the ownership forms properly.

Accordingly I find that the plaintiff is the owner of the company and the first defendants committed fraud by not filing the forms of ownership properly,” he said.

According to Desire he was introduced to one Kirimi Koome, the businessman in the contested business with the information that he comes from a wealth family and would in turn refer him to prominent people.

He confirmed injecting capital into the business but because he was not a Kenyan, the business was registered by his the first defendant.

Koome was accused of conspiring to defraud the Rwandese of USD 2,619,583.27, payment being merchant fees as the alleged owner of Stay Online Limited.

In addition to the above, Koome was also accused of stealing Ksh 14,945,000 being property of Stay Online Limited under his care.

The court also found that Koome made a false entry of USD 100,000 (ksh.14 million) into his Equity Dollar account as confirmed by documents presented by himself. The accused has since entered into a not guilty plea.

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