Peter Munga Court Case: Over the past few years, former Equity Bank chairman and renowned billionaire investor Peter Munga has been embroiled in a bitter court battle with his friend turned enemy Joseph Muturi Kamau.
The battle involves Sh. 150 million which Kamau says Munga has refused to pay him. On Monday, Munga failed in a bid to stop a court case that Kamau has filed to compel him to pay the money.
This came after High Court ruling, Justice Mary Kasango dismissed Mr Munga’s plea seeking to strike out the case.
Kamau alleges that since 2011, Munga has refused to pay him and his firm Bethany Vineyards for three million Transcentury shares worth Sh. 150 million that he purchased from the firm. Kamau sold the shares in 2011 at Sh. 50 each to Mr Munga after failing to settle a Sh. 40 million loan he took from Equity Bank. The deal was to see Mr Munga clear Mr Kamau’s loan and remit the balance to him and his firm.
How Peter Munga became one of Kenya’s richest men
However, court papers say that Munga only cleared the loan balance then refused to remit to him or Bethany Vineyards the balance.
Munga had filed his first application seeking to bar Kamau from proceeding with the case in a court application that was dated application February 24, 2017. The application was dismissed by Judge Fred A. Ochieng. Peter Munga Court Case.
At one point during the court fight, Munga is said to have asked to be allowed to settle the case with Kamau outside the court. He offered to pay Kamau Sh. 90 million. However, Kamau declined the offer and returned to court asking for the full amount.
