A report by Business Daily indicated that a firm associated with Kibunga entered into an agreement with African Cotton Industries Limited to sell the parcel located in Makuyu in Murang’a County.
The High Court ordered Rural Development Services Limited to finalise the agreement it had entered in 2013 for the sale of the land. The process hit a snag after Kibunga tried to back out of the agreement.
In his ruling, Justice Grace Kemei declared the agreement entered by the two companies as genuine and ordered the billionaire’s company to honour it.
The judge also directed the buyer to deposit the money, Ksh205 million, within 15 days ahead of the acquisition of the parcel.
Kemei was making the rule in a suit filed by the cotton manufacturer in which it claimed that it had already paid Ksh20.5 million for the acquisition.
The judge also directed that if the seller failed to honour the agreement, the court’s deputy registrar would step in and deliver the documents.
The judge also issued an order for the extension of statutory time limit for the application of the Land Control Board Consent.
Kibunga made his fortune through share ownership of blue-chip companies trading on the Nairobi Stock Exchange (NSE).
He has a 30.7 percent stake in Kakuzi worth Ksh2.16 billion one of the best-performing companies in the NSE.
Source: KENYAGIST.COM
