Wanjigi’s firm to deposit Sh15m in renovation row

A judge has ordered Kwacha Group of Companies, a holding firm of businesses owned by the family of businessman Jimmy Wanjigi, to deposit Sh15 million in court over an office-renovation dispute with a contractor.

The money will be deposited in an interest earning account within a period of 90 days, Justice Joseph Sergon ordered.

He made the decision when he suspended execution of a judgement delivered by a magistrate court on January 31, directing Kwacha Group to pay the contractor, Pindoria Holdings Ltd, Sh15,547,950.

The money was for renovations done at the headquarters of Kwacha Group in Nairobi’s Westlands suburb in 2012.

It was the second time for the judge to suspend the magistrate’s order after making a similar order on July 3. In the first instance Kwacha had been ordered to deposit the money within 45 days.

It was, however, unable to fulfill the condition forcing it to return to court for extension of time by 120 days because it had not been able to raise the money.

Kwacha Group of Companies representative, Mr Boniface Nginyo Mwaura told the court that the group’s business operations had been paralysed by the Covid-19 pandemic.

“I think the appellant’s request is justified in the circumstances save that 30 days should be discounted,” said justice Sergon.

Pindoria was opposed to the request for extension.

Kwacha is said to own shares in various firms such as Carbacid Investments, East Africa Cables, Kenya Airways, Total Kenya and Barclays Bank.

It also owns parcels of agricultural land in Nyeri and Murang’a as well as in Kiambu. Kwacha’s real estate investments include housing projects in Ridgeways, Karen and Nakuru.