Businessman seeks key documents in assets contest with Old Mutual » Capital News
NAIROBI, Kenya, Sep 17 — City businessman Joel Kamau Kibe is seeking crucial asset documents in an urgent application against Old Mutual Holdings PLC amid a contest over the firm’s dealings.
Kibe, a petitioner in the case, is seeking clarification on several financial dealings and transactions referenced in an affidavit sworn by Arthur Oginga, dated September 6.
Kibe’s application filed on Friday, September 13, singles out 23 categories of documents, each of which he claims are crucial to understanding Old Mutual’s financial operations and corporate decisions.
Among the key documents sought are title deeds and certificates of official searches for properties mentioned in Oginga’s affidavit, as well as records relating to the sale of Old Mutual Towers.
Kibe has contested the justification for the sale asking the court to compel Old Mutual to clarify on the use of proceeds from the transaction.
“There are numerous financial maneuvers referenced in Mr. Oginga’s affidavit that raise serious questions. As shareholders and stakeholders, we deserve answers,” he argued in the urgent suit set for further directions on Septembet 30.
Contested loans
Kibe’s application also ropes in Old Mutual’s Tanzanian subsidiary, with the applicant requesting documentation of the sale, evidence of payment, and details on where the proceeds from the sale were directed.
Other requests involve the disbursement of shareholder loans and loans from Old Mutual to UAP Holdings, the value of which escalated from $15 million to $48.18 million, as noted in the affidavit.
Kibe’s demands extend to Old Mutual’s financial statements from 2019 to 2023, documents related to dividends, and agreements between Old Mutual and private equity funds such as Aureos Africa Fund, Swed Fund International, and Afri Invest.
“We have reason to believe that financial mismanagement could be at play,” Kibe remarked.
“The failure to pay dividends and the sale of key assets demand a deeper investigation. The court’s intervention is essential.”
Kibe has indicated that his legal team will pursue further legal action should the company fail to produce the requested documents.
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