Wednesday, April 17, 2024
HomeOrion East Africa ltd wants court to declare Cooperative bank Chief Executive...

Orion East Africa ltd wants court to declare Cooperative bank Chief Executive Officer Gideon Muriuki unfit to hold any public office, begining his Ouster process

coperative Bank amounting to 34,816,200 stock shares as at 31 December 2002 and to issue through Kingdom Securities Limited a CDS stock share account for the same accordingly.

In the court documents, the company wants the court to rule that our 34,816,200 stock shares are adequate to qualify Orion East Africa Ltd directors for eligibility to sit in the Board of directors of the Co-operative Board of Kenya and its Affiliates with immediate effect.

The company wants Muriuki the Groups Managing Director of the Garnishee Bank be cited for perjury, unethical business practice and killing democracy through state capture, paralysis, bullying and intimidating government officers and his wealth so acquired illegally, be declared as proceeds of crime.

Orion East Africa Ltd further seeks for an order instructing the following financial regulators Central Bank of Kenya (CBK), Advocates Complaints Commission, Judicial Service Commission, EACC, DCI, CMA who have been procrastinating with investigations against Dr. Muriuki be ordered to timeously conclude their lethargic investigations and immediately make recommendations towards the loss or vaporization of 34,816,200 stock shares belonging to Orion East Africa Limited in the Co-operative Bank of Kenya Ltd.

According to his affidavit, the order for attachment and sale of stock shares held by the bank was made with the willing consent of the TETU Coffee Growers co-operative society ltd (in liquidation) and Mugama Farmers co-operative union ltd (both defendant) and the Co-operative Bank (garnishee) and that for good measure,.

“we pray that the court grant us permission to engage professional expert services in the following technical areas to calculate the movement of the decreed 34,816,200 stock shares, swaps, quantities, interest, value, prices, changes, and appreciation through time and market dynamics,” he says.

His affidavit further state that since the court decree orders were issued in 2002, we have endeavored to have the garnishee bank facilitate the sale of the shares to satisfy the decree, to no avail, and hence were compelled to take advantage of the contra entry doctrinal commonly practiced by limited liability companies to balance books of account for the purpose of tax and regulatory compliance.

“There is compelling legal requirement that we obtain prohibitory orders under order 22 Rule 40 (1) to actualize the contents of the consent order. We believe that the best course of action is for the court to order the attachment of the shares and all dividends on a written order prohibiting the garnishee Bank and its Group Managing Director, in whose Bank the shares are standing, from transferring the same shares and accrued dividends to any other entity,” says the chairman.

He adds that the cases were brought to court within legal timelines and what is holding back the matter is the recovery of our dues, as the matters are still alive and all what remains now is enforcement, which is a procedural rather than a substantive matter of the law.

In a letter dated 15 July 2009, the Commissioner of Co-operatives requested removal of a caveat placed on the shares of Tetu Farmers by Orion East Africa Ltd, ostensibly to sell the said stock share for the purpose of settling Orion East Africa Limited’s claim.

Orion East Africa Ltd never emptied the caveat, yet Dr Muriuki proceeded to transact in the 9,276,200 stock shares in an illegal insider trading scheme which stocks were previously in the name of Tetu Coffee Growers Co-op. Soc. In Receivership, in complete and deliberate contravention/ violation of the existing terms on the caveat imposed by court on the same stock shares.

source:kenyanmiror.co.ke

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments