The High Court rejected Old Mutual Holdings’ request to dismiss a businessman’s suit seeking a buyout from the insurance worth more than Sh 1 billion.
Justice Josephine Mong’are stated that the problems made by the Insurer and Joel Kibe can only be determined after a thorough examination of the facts presented before the court.
Joel Kibe launched the complaint in August 2024, asking the court to either order the corporation to buy him out at a premium or to wind up the insurance.
Kibe, who claims to be a shareholder and a member with 1.54 million shares in Old Mutual alleges there has been oppressive conduct against him and other minority shareholders by the majority ones through exclusion from management and decision-making, dilution of shares, denial of access to company records among other issues.
He obtained an order in August blocking the company’s board of directors from selling or transferring its assets.
The insurance then filed a preliminary objection, claiming Kibe is not a member of the company and has no legal standing to obtain the orders he has requested.
The insurer maintained that ‘since he has no legal standing, he cannot apply for liquidation of the company.
However, in her order, Justice Josephine Mong’are stated that the problems made about whether Kibe was or was not a member of the corporation at the time of submitting the petition must be addressed using facts and evidence to determine the genuine position.
