Billionaire businessman Joel Kibe has sued Old Mutual Holdings, seeking to be bought out at a price likely to exceed Sh1 billion. He accuses the insurer of trampling on the rights of minority investors to benefit its majority shareholder, Old Mutual East Africa Holdings.
In an application to the High Court in Nairobi, Mr Kibe says the insurer has failed to list on the Nairobi Securities Exchange as promised and has taken huge loans from its parent on opaque terms.
