Kenya's Most Authoritative Political Newspaper

Citizen Weekly

Sunday, 29 March 2015

Fear Muguga Investments going the way of Mboo-I-Kamiti

An ugly saga similar to Mboo-I-Kamiti never-ending rivalry is brewing in Muguga. According to sources privy to the unfolding case of Muguga Investments Co Ltd, a splinter group of the original mother investment company, now heading to third generation family ownership, is determined to wrest the entire investment of the group through whichever means possible including forgery of official documents and dirty back-door tactics.
It is said the splinter group has forged signatures and official documents including Form CR 12 which is issued for banking purposes by no less than the Registrar of Companies. A document originating from the Registrar General of Companies indicates that the list of names of directors filed in Muguga Investments Co Ltd’s 2014 annual returns contained the wrong names, it is claimed. 
The names contained in the allegedly faked documents are drawn from the list of the splinter group and its wing of sympathisers some among them using the ignorance of older and illiterate members to drag them into what is headed towards a dreadful ending.
At some point, the schemers in the splinter group presented their faked grievance to the investment company’s bank only for the bank to find out that the CR 12 Form was forged. The bank reopened the account that had been temporarily frozen after the Registrar of Company’s office confirmed that the form had a forged signature.
The story of Muguga Investments Company Ltd is a typical case of a successful grass-to-grace build-up of assets by determined and focused participants.  Started in 1974, the company that gave rise to Muguga Investments Company Ltd secured land and buildings consistently until the founder members decided to pass the mantle on to their children who had come of age. By 2004, the second generation of the investment company stepped in and transformed the investment into a profit-making machine. For ease of management the second generation Muguga investors formed their own company that then bought into the original arrangement their parents had set up.
Within a short time, both the offshoot and the original Muguga Investments Company started posting decent profits. By then some beneficiaries had become owners of farming land in the Rift Valley.
By the time plans for huge investments were in place in 2010 and the shareholders from the two generations headed for the big league, a group that had eased itself from the company officially reappeared laying claims on the portfolio of assets that had been accumulated since the formation of the original company. What is scary about the group laying a claim of ownership of the property is that despite that team knowing full well that the official paper trail does not prove the ownership they claim, the architects of the backdoor takeover are audacious enough to forge signatures where banks and government institutions are concerned.
Our investigative team’s efforts to reach the team defending the claims of ownership have not been successful. However, a neighbour of one of the members of the defending side said that so vile and brazen is the side with forgers that its members swear in the open that if physical elimination is the route to take they will not hesitate to take it as long as they get the property for themselves.