Former President Mwai Kibaki has obtained an order stopping operations of a company in which shareholders have been fighting for control since 2007.
Justice Lucy Waithaka of the Nyeri Environment and Lands court Tuesday ordered that the operations and management of Mathingira Wholesalers Limited should await the verdict of the Court of Appeal.
She overturned her earlier ruling that allowed all the feuding directors and owners to manage the firm, which owns property in Nyeri, denying Mr Kibaki and five other directors an opportunity to exclusively run the company.
“The applicants filed a stay of execution of an earlier judgement delivered by this court... their prayers are allowed and the other directors of the company are supposed to wait and abide by the outcome of the Court of Appeal,” ruled Justice Waithaka. Ms Waithaka noted that Mr Kibaki and Mr Kimwatu Kinyungu had argued that they would suffer substantial loss, in that they will lose the suit property and revenue generated by it to unlawful shareholders of the company.
Through lawyer Kamau Kuria and Company Advocates, Mr Kibaki and Mr Kinyungu had moved to the court, seeking orders to suspend the July 12 ruling.
This was after he and five other directors lost the bid to take control of the company exclusively. Two directors have since abandoned their claim to the firm while two others died while the case was still pending in court.
The ownership row of Mathingira peaked when people alleging to be new directors of the firm moved to court and sued former directors including Mr Kibaki, Mr Kanyungu, Mr Kiiru Gachuiga, Mr Gadson Gitonga, Mr Kibera Gatu and the former president’s brother Mr Samwel Githinji Kibaki over ownership.
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