BY SAM ALFAN.
The operations of an online payment firm has been thrown into limbo after two judges of the same jurisdiction delivered conflicting decisions as to the ownership of the company.
This is after the presiding Judge of the Commercial Division Justice Wilfred Mabeya declared Rwandese national Desire Muhinyuza as the beneficial owner of the fintech Stay Online (k) Limited (SOL).
The decision made on Wednesday is in contrast to another decision made by Justice Josephine Mong’are over a month ago, declaring Kenyan businessman Kirimi Koome, the owner of the firm.
Judge Mabeya said Muhinyuza was the legit owner of SOL after hearing evidence from several people including the Registrar of companies and the two business partners turned rivals.
“I find and hold that the 1st plaintiff (Muhinyuza) is the beneficial owner of the company. The 1st defendant (Kirimi Koome) committed a fraud by not filling the form for beneficial ownership properly at the time of the incorporation of the company,” said Judge Mabeya in his decision.
The judge went ahead and ordered Koome to pay back $100,000 (Sh15.6 million), which was allegedly sent to him by the Rwandese investor for payments of taxes but which was never paid.
In the earlier decision, Justice Mong’are ruled that Koome is the registered owner of Stay Online limited.
Justice Mong’are ruled Koome remains the true owner of Stay Online ltd, settling a fight for the control of Sh400 million held at United Bank of Africa.
While dismissing the petition filed by Ambrose Wamari Obara, the judge found that Obara was not properly installed as the owner and director.
“I find and hold that the suit and application by the said Ambrose Wamari Obara to have been initiated without proper authority and sanctions of director and member of Stay Online ltd Kirimi Koome,” ruled Judge Mongare.
The two are fighting over the control of the online payments firm.
