Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Tycoon’s dubious share transfers blocked in debt row with ARM Cement
Judge says businessman Peter Mahu Muthee acted deceitfully by transferring 51,000 shares in three businesses he owned, yet the stakes were marked for sale to offset a Sh78,260,331.15 debt owed to ARM Cement Plc.
The High Court has reversed a suspicious transfer of shares in three companies marked for sale to recover a debt owed to fallen ARM Cement Plc by a business tycoon with vast interests in real estate, hotels, and hardware store businesses.
Justice Freda Mugambi said that businessman Peter Mahu Muthee acted deceitfully by transferring 51,000 shares in three businesses he owned, yet the stakes were marked for sale to offset a Sh78,260,331.15 debt owed to the cement firm, which is currently under liquidation.
