Nairobi businessman Joel Kibe seeks crucial financial documents in suit against Old Mutual Holdings

Kibe’s application, submitted on Friday, September 13, is centred on clarifying numerous transactions and financial manoeuvres referenced in an affidavit sworn by Arthur Oginga on September 6.

The petitioner has singled out 23 categories of documents, which he claims are critical to understanding Old Mutual’s corporate decisions and financial operations. Among the requested items are title deeds and certificates of official searches for properties mentioned in Oginga’s affidavit, as well as records relating to the controversial sale of Old Mutual Towers.

Kibe is contesting the justification for this sale, calling on the court to compel Old Mutual to clarify how the proceeds from the transaction were used.

There are numerous financial manoeuvres referenced in Mr. Oginga’s affidavit that raise serious questions. As shareholders and stakeholders, we deserve answers," Kibe argued in his suit, which is set for further directions on September 30.

Kibe's application also demands documentation regarding Old Mutual’s Tanzanian subsidiary, including evidence of the sale, payment details, and where the proceeds were directed.

He further raises concerns about shareholder loans and a loan from Old Mutual to UAP Holdings Ltd, the value of which escalated from $15 million to $48.18 million, according to the affidavit.

In addition to the contested loans, Kibe is seeking Old Mutual's financial statements from 2019 to 2023, alongside documents related to dividends and agreements with private equity funds, including Aureos Africa Fund, Swed Fund International, and Afri Invest.

He has expressed concerns over potential financial mismanagement at Old Mutual, pointing to the failure to pay dividends and the sale of key assets as red flags.

“We have reason to believe that financial mismanagement could be at play,” Kibe remarked. “The failure to pay dividends and the sale of key assets demand a deeper investigation. The court’s intervention is essential.”

Kibe has indicated that his legal team will pursue further legal action if Old Mutual fails to produce the requested documents, signaling that this case could have far-reaching implications for the company's corporate transparency