Quiver Lounge owner Peter Mbugua and Kasarani Member of Parliament and the chief executive officer of betting firm SportPesa Ronald Karauri are engaged in a multi-million conflict involving a contested insurance firm.
The fight involves the ownership of Definite Assurance Company Limited, an insurance firm that acquired its operating license from the Insurance Regulatory Authority (IRA) in December 2024. The firm is targeting the matatu industry for business.
According to a report that appeared in a local business newspaper, Mbugua is being kicked out of the firm and has been given a quote of Sh195 million to leave. However, the Quiver Lounge owner has refused and is demanding for Sh500 million. He holds a 22 percent stake in the insurance firm.
“If I get half a billion shillings I will leave the company to them,” he was quoted in the media. How does he expect the value of my shares to be the same before and after license? It is like agreeing to sell a Range Rover without an engine, tyres and gearbox for Sh1 million only for the buyer to disappear, and reappear a month later when I have installed all these things and still demand to pay the same amount of Sh1 million.”
Mbugua says that he invested Sh175 million in the venture where Kararuri holds a 10 percent stake. He has pointed an accusing finger at the Member of Parliament for his troubles.
List: Business Registration Service data breach exposes local Kenyatta family companies, businesses
The newspaper quoted businessman Kushian Muchiri who holds a 30 percent stake in the firm claiming that Mbugua had already sold off his stake and that he should collect the money and leave. “Mbugua resigned and signed shareholders and board resolutions, signed transfer forms after which the shares were sold to raise his requested settlement of Sh195 million up from the Sh175 million he contributed,” the newspaper quoted Muchiri.
However, the report went on to say that according to records at the Business Registration Service, Peter Mbugua still holds his 22 percent stake which is under his company Swingers Skypark.
The other shareholders at Definite Assurance Company Limited include Mikaj Topgrains Company Limited which holds a 25 percent, Lydra Ventures Limited which holds a 5 percent stake, Jekelusahe Limited which holds a 5 percent, Monday Maxine Kerubo Oyugi with 3 percent stake, Cecily Muthoni Wairimu with 3 percent stake and Patrick Ndirangu Kibuthu with 2 percent stake.
