Home Registrar:Rwandese Investor Desire Muhinyuza is the beneficial owner of a Sh400 million...

Registrar:Rwandese Investor Desire Muhinyuza is the beneficial owner of a Sh400 million tech firm-Stay Online Kenya Limited

The registrar of companies has said documents in their possession show Rwandese Investor Desire Muhinyuza is the beneficial owner of a Sh400 million tech firm-Stay Online Kenya Limited.

Desire and Kenyan businessman Kirimi Koome are in court battling over the ownership of the Kenya tech firm.

So far, Justice Alfred Mabeya has frozen accounts of the firm which holds Sh400 million pending determination of the matter.

In response to a suit filed before Justice Alfred Mabeya, the Registrar says from the documents availed to them, the Rwandese exercises indirect ownership and indirect control as a beneficial owner as his shares are held through his nominee koome.

The registrar explains that Desire owns a controlling interest in Stay Online Rwanda which in turn owns the Stay Online Limited Kenyan company.

“Desire exercises significant control and influence in Stay Online Kenya Limited considering that he exercised decision-making power over the management and operations of Stay Online Limited from its incorporation,” the registrar said.

It says in determining beneficial ownership from the documents availed, it says Desire” would be considered a beneficial owner even if he does not hold the legal title to the entity’s shares,” reads the affidavit by the registrar of companies.

The Rwandese is expected to take the stand on Tuesday before Justice Mabeya as a witness in the case.

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