The Registrar of Companies now says that the beneficial owner of a Ksh.400 million contested tech firm is Rwandese investor Desire Muhinyuza.
In documents submitted in court, the registrar says the businessman has significant economic interests in the business – Stay Online Limited – and is considered a beneficial owner, even if he does not hold the legal title to the entity’s shares.
In the case, two businessmen, Koome Kirimi and Desire Muhinyuza, are fighting over the company.
Koome claims to be the sole owner of Stay Online Limited, Kenya.
Desire Muhinyuza has however dismissed the claims saying that Kirimi was chosen as Stay Online Limited’s agent in Kenya because of the difficulty for a foreigner to register a company name in the country.
The Registrar of Companies further argues that the company should be archived and Mr Muhinyunza should be assisted in regaining control of the company to safeguard the significant foreign investment and further losses.
Koome has been charged at the lower court. He is accused of conspiring to defraud Desire Muhinyuza, a Rwandese National and the beneficial owner of Stay Online Limited of USD 2,619,583.27 (approx. Ksh.403 million), being merchant funds by falsely representing himself as the owner of the said funds.
He is out on cash bail.
By Citizen Digital