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Shareholders claiming ownership of Kibaki company flouted law, court told

By Nderitu Gichure | Published Wed, February 7th 2018 at 00:44, Updated February 7th 2018 at 00:49 GMT +3
Former President Mwai Kibaki. [Photo: Courtesy]

Former President Mwai Kibaki wants six people claiming membership in a company owning a prime property in Nyeri town considered outsiders.

His lawyer, Gibson Kamau Kuria, told the Court of Appeal that those purporting to be members of Mathingira Wholesalers Ltd flouted the company's procedures on acquiring shares.

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Mr Kuria said the six respondents bought shares in total disregard of the memorandum and articles of association.

"By buying shares, respondents cannot claim to be lawful owners of the company," Kuria told justices Fatuma Sichale, Agnes Murgor and J Kantai.

“They plotted a coup in the false hope they would become directors of the company."

The lawyer said the six met on October 13, 2007, when they purportedly removed Kibaki and Kimwatu Kanyungu as lawful shareholders.

Kibaki wants an order overturning an ealier decision by another court giving membership to the respondents. A judgement will be made on March 21.