Billionaire
businessman Peter Munga is facing a multi-million shilling court battle over
his alleged failure to pay for three million TransCentury shares he bought from
a longtime associate four years ago.
Munga,
who is the Equity Bank chairman, is accused of taking possession of the shares
worth Sh150 million without paying Joseph Muturi Kamau the amount as stipulated
in a sale agreement. Kamau, is a longtime friend of the Equity Bank chairman.
Kamau
says he had deposited the shares in a holding account at Equity Bank as
security for a Sh40 million loan he took from the bank but in 2011 struck a
deal with Munga to buy the shares at a price of Sh50 each.
The
billionaire businessman insists that the agreement was purely between him and Kamau
and did not involve Equity Bank as the petitioner has alleged. Munga says he
paid Kamau Sh2.4 million and an additional Sh33.5 million to Equity Nominees
Limited to settle the plaintiff's debt with the bank.
No comments:
Post a Comment