Wananchi Nominees Limited says that Mr Bell has aside from abetting the Sh3 billion theft, been reluctant to lead the recovery of the funds.
The firm says Mr Bell is using a court case to buy time and bar it from stopping the planned irregular sale of Wananchi Business Services.
A section of shareholders of Internet and pay TV service provider Zuku has claimed that the firm’s CEO Richard Bell colluded with his predecessor Richard Alden and a firm, Altice Capital, to embezzle $30 million (Sh3 billion) through various illegal schemes.
Wananchi Nominees Limited says that Mr Bell has aside from abetting the Sh3 billion theft, been reluctant to lead the recovery of the funds.
The firm, a shareholder of the Internet and pay TV service provider, says Mr Bell is using a court case to buy time and bar it from stopping the planned irregular sale of one of its most profitable business arms—Wananchi Business Services.
Mr Bell has sued Wananchi Nominees Limited, ISP Kenya Limited and East Coast Telecoms Limited which are all Zuku shareholders.
He wants to stop them from instituting criminal and civil proceedings against him for alleged mismanagement and fraud.
Mr Bell through East Africa Capital Partners (EACP) says the planned civil and criminal proceedings are part of a scheme by a section of disgruntled shareholders who want him to buy their shares at above market rates.
The Zuku CEO obtained a temporary court order barring legal action against him over the fraud, asset stripping and mismanagement allegations. But some of the sued shareholders now say that the planned sale of Wananchi Business Services is irregular.
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