Court gives nod to Naivas part takeover
A Naivas branch in Westlands, Nairobi. FILE PHOTO | SALATON NJAU |
What you need to know:
- Justice Anyara Emukule ruled that the supermarket was a limited liability company and not a family property.
- Mr Newton Mukuha had moved to court seeking to stop the sale, on claims that Naivas belonged to his late father Peter Mukuha Kago.
Supermarket chain Naivas can now sell its shares to South African retailer Massmart after the High Court in Nakuru dismissed an application challenging the deal.
Justice Anyara Emukule ruled that the supermarket was a limited liability company and not a family property.
Mr Newton Mukuha had moved to court seeking to stop the sale, on claims that Naivas belonged to his late father Peter Mukuha Kago.
He also accused his siblings, Mr Simon Mukuha and Mr David Mukuha of excluding him from owning shares in Naivas, and yet he contributed Sh20,000 seed capital for the supermarket.
Justice Emukule, however, dismissed his application on Friday last week, saying he had no legal or equitable interest in the supermarket.
He said while Mr Mukuha insisted that Naivas was a family business and was part of his father’s estate, his two siblings had produced evidence showing that they were the original subscribers to a memorandum and articles of association of the company.
