NAIROBI, Kenya, Mar 13 – Businessman Joel Kibe has filed a notice of intent to appeal a High Court decision after a judge failed to grant reliefs sought in his petition against Old Mutual Holdings.
Kibe filed the notice of appeal on Wednesday after the court declined his bid seeking an assessment of the amount of money to be deposited in an escrow account, as determined by Justice Josephine Wayua Mong’are on February 28.
The businessman had accussed the insurer has violated the rights of minority investors by failing to list on the Nairobi Stock Exchange and by taking large loans from its parent company in an opaque manner.
In a ruling dated February 28, Justice Mong’are allowed Old Mutual to proceed with the planned disposal of UAP Tower in Upper Hill, under the condition that Sh500 million from the sale proceeds be held in an escrow account managed by the advocates of both parties, pending the hearing and determination of the case.
In his petition, Kibe had sought to freezethe sale of any Old Mutual assets, incurring of new debt and the transfer of funds out of Kenya.
The proposed measures, he argued, would ensure that he is bought out by the insurer.
Kibe is the sixth-largest shareholder in Old Mutual, holding approximately 1.5 million shares, valued at Sh291 million.
He has also proposed that if the insurer fails to buy him out at a premium, it should be wound up.