BY SAM ALFAN.
Two Kenyan businessmen have lost their directorship and shareholding of Ravasam Development Company Limited to foreign investors.
This is after the Nairobi commercial High court ruled that businessmen Farouk Ravate and Justin Samourgompole from Island Union of Reunion are rightful owners of Ravasam Development Company Limited.
Justice Francis Tuiyott ordered the two Kenyan businessmen, Eric Agbeko and Philip Nyambok to be struck out from the records of Ravasam Development Company Limited and be replaced by Ravate and Samourgompole.
He further issued a mandatory injunction compelling the former directors Agbeko and Nyambok to transfer all the shares held by them in Ravasam Development limited to Ravate and Samourgompole through Heaven Properties Heights Limited and Bid Ocean Indien respectively or to the directions of Farouk and Samourgompole within 30 days.
Further, the court further restrained Agbeko and Nyambok from dealing or withdrawing money from Ravasam Development Bank account with any bank.
The judge further issued a permanent injunction restraining Agbeko and Nyambok whether themselves , their agents , employees , assigns , servants or otherwise howsoever from issuing, allotting or transferring any shares causing or permitting any shares from Ravasam company without the consent of Farouk and Samourgompole.
They were further ordered to account for all the monies assets and property that they have unlawfully misappropriated from Ravasam Development company.
The court ordered restitution of all documents , agreements , monies , assets , accounts or any other property unlawfully taken from Ravasam company by Agbeko and Nyambok.
Agbeko and Nyambok shall within 90 days render an account of monies , assets , property and affairs of Ravasam development limited including but not limited to the occupation and use of LR.No.2/186 (the suit property upto the times of the judgment).
In his 67 detailed ruling, Justice Tuiyott declared that the corporate guarantee by Ravasam Development Company Ltd in favour of the Spare Bank (formerly known as Equatorial Commercial Bank Limited) to secure the loan to Vakkep and variations of the charge dated May 11,2015 are void and the two Kenyan businessmen have no right to recover from Ravasam .
“A declaration is hereby made that the mortgage dated September 13,2011 is void and an account be taken by plaintiffs (Farouk and Samourgompole), Ravasam Development Limited and Spare Bank (formerly known as Equatorial Commercial Bank Limited) in respect of payment of the facility of Kshs. 180,000,000.00 made pursuant to the credit agreement of August 18,2011.” Ordered Judge Tuiyott.
The court directed that the parties to the accounts shall appoint a joint accountant within 21 days failure to which each party shall appoint their accountant and the accountants shall appoint an umpire.
They shall also complete the accounts ordered within 90 days and the report of the joint account or if the accounts and umpire to be filed in court within 90 days.
Ravate sent money into Kenya for a purchase of LR No. 2.186 situated off Elgeyo Marakwet Road in Nairobi and later to develop it.
The purchase price was Sh 71,500,000 and china young Tai Engineering Company limited (China Young) was engaged to construct an office block on the suit land at an agreed sum of Sh 535 ,000,000.The money was paid by Ravate.
The suit property was registered in the name of Ravasam Development company.
According to the court documents Farouk Ravate and Justin Samourgompole were to be the sole directors and share holders of Ravasam but were astounded to discover that Agbeko and Philip Nyambok had been registered as the sole directors and shareholders of the Ravasam Development Company limited a move the two foreigners termed as fraud.
It was not contested that on the suit property now stands an office block named Elysee Plaza and the two investors argued that the money sent by them for the construction of the property was sufficient to complete it.
They were unhappy that the two Kenyan businessmen, Agbeko and Nyambok have saddled Ravasam with debt which was put into their personal use.
One debt of grave concern to the two foreign investors is Sh 336,000,000 that allegedly advanced to Ravasam by Spare Bank Limited.
They complain that the lending was made notwithstanding their lawyers writing to the bank notifying it of the supposed fraudulent actions of Agbeko and Nyambok and requesting that the accounts of Ravasam be frozen and that disbursement of first loan of Sh 190 million be withheld. It turned out the loan was not disbursed.
They alleged a fraudulent collusion between Agbeko and Nyambok and the Bank
