RWANDESE BLOCKED FROM ACCESSING MILLIONS IN CONTESTED FINTECH FIRM.

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Rwandese Desire Muhinyuza /PHOTO BY S.A.N.

BY SAM ALFAN.

Rwandese Desire Muhinyuza has suffered a major blow after his bid to access millions in his bank account was declined by the Court of Appeal.

The Court of Appeal rejected the application to accessing the $2.6 million, which is also beimng claimed by Kenyan tycoon Kirimi Koome.

“The monies in three Bank accounts are hereby preserved and shall not be withdrawn, transferred or in other way dealt with pending the hearing and determination of the intended appeal,” ruled appellate judges P. Kiage, Pauline Nyamweya and Mwaniki Gachoka. 

The judges said the monies held in three bank accounts in Kenya shillings and account being a US dollar account and being a Euro account held in the name of Stay Online Kenya Ltd and domiciled at the Westlands Branch of United Bank of Africa, which came into those accounts between the 14th April and 28th December, 2023, shall not to be withdrawn.

The orders were issued after Koome challenged decision by Justice Alfred Mabeya declaring that the company belonged to the Rwandese businessman.

Koome urged the appellate court to suspend the decision and preserve the Sh400 million pending hearing of his appeal.

The operations of an online payment firm was thrown into limbo last year after two judges of the same jurisdiction delivered conflicting decisions as to the ownership of the company.

Justice Mabeya declared the Rwandese national Desire Muhinyuza as the beneficial owner of the fintech Stay Online (k) Limited (SOL).

The decision made late last year was in contrast to another decision made by Justice Josephine Mong’are earlier, declaring Kenyan businessman Kirimi Koome, the owner of the firm.

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.

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