EASTLEIGH TRADERS ACCUSE PARTNERS OF BREACHING PROFIT SHARING DEAL.

Bashir Ali Gabow and Mohammed Muhamud Abdi before Makadara Court in Nairobi/PHOTO BY IRENE ONYANGO

BY SAM ALFAN.

Directors of clearing and forwarding company have accused their business partners of operating secret accounts and to deny them profits.

The directors of Akrama Apartments ltd want in an application filed in court, an order directing their business partners to share out the Sh500 million generated by their business as per a revenue sharing agreement.

Bashir Gabow and Mohamed Abdi, the directors of Akrama Apartments accuse their partners of failing to account for all the monies generated by them before the court.

They want the court to order Dahir Ahmed and Mohamed Ibrahim to share Sh500 million generated through their secret dollar and Shilling bank accounts held at Absa Bank on 40:60 basis as per the revenue share agreement dated January 31 ,2020.

The directors further want the court to issue an injunction restraining Gulf African Bank ltd from advancing any loan or leasing the original title to Ahmed, Mohamed, Abdullahi Wahile and Ellys Cargo Services ltd, pending hearing and determination of the case.

“The respondents Dahir Ahmed, Mohamed Ibrahim, Abdullahi Wahile and Ellys Cargo Services ltd by either of them , their agents, servants and directors any of them in singular or jointly to produce to court the entire statement of accounts, contractual documents, bank charge instrument, clearing and forwarding documents relating to the containers from the China since January 2020 and statement of accounts from Absa Bank transacted through Abdullahi Wahile’s account Dollar and Shilling,” seeks the directors.

They further wants the court to declare that Ibrahim and Wahile are in breach of the joint venture (construction Agreement) dated September 12, 2018 and therefore, cease being directors of Akrama Apartments ltd.

Documents filed in court state that Gabow and Abdi were the original registered owners of the parcel of land in Eastleigh, Nairobi.

The two directors entered into a joint venture agreement dated September 12, 2018 with Ibrahim and Wahile.

The partners were to inject capital in the construction of apartments after paying Sh47,432,566 to Gulf African Bank ltd.

The money was meant to discharge the title from the bank and thereafter Dahir and Ibrahim were admitted as directors of Akrama Apartments ltd.

Subsequently, the parties entered into a revenue sharing agreement dated January 31, 2020.

The parties allegedly agreed to borrow Sh20 million from Gulf African Bank, which was to be invested in stock business of clearing and forwarding using a company Lleys cargo ltd.

The profits generated would then be divided on 40 percent to 60 percent basis for the them and the business partners respectively. This is when Dahir came in though he was aware of the transaction from the beginning.

The directors claim that Dahir, Ibrahim and Wahile secretly and without their knowledge incorporated Elleys Cargo Services ltd and injected the said Sh20 million in its favor and has been transacting with the company since 2020 to date to their exclusion.

They further claim that their business partners have been running the business of clearing and forwarding of over 1,000 containers since January 2020 to date and they confirmed Dahir and Ibrahim generate an average of Sh500,000 from each container.

“The 1st, 2nd and 3rd respondents have generated over Sh500 million to date using their secret bank accounts at Absa Bank to with dollar account and Shilling account,” says the two directors.

They argue that unless the grant orders sought, they will suffer loss and damage since their business partners are likely to apply for more loans from Gulf African Bank or release the original title title to them which will subject to them a huge loss and damage.

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