The High Court has declared that a Sh400 million disputed fintech firm belongs to a Rwandese investor.
The court said Desire Muhinyuza was the legit owner of Stay Online Limited (SOL).
"Accordingly, I find and hold that the 1st plaintiff (Muhinyuza) is the beneficial owner of the company. The 1st defendant (Kirimi Koome) committed a fraud by not filling the form for beneficial ownership properly at the time of the incorporation of the company," Justice Alfred Mabeya said in his judgement.
The judge ordered Koome to pay back $100,000 (Sh15.6 million), which he is said to have received from the Rwandese investor for tax purposes but never paid.
The Kenyan businessman is also to pay interest on the $2.6 million (Sh400 million) at court rate.
In the dispute, Koome maintained that SOL was his, while Muhinyuza told the court that the former was chosen as the company's agent due to the immigration hassles that foreigners face in compliance with the Banking Acts in Kenya.
Muhinyuza has since been granted work permit.
Stay Online Limited was registered in Kenya in April 2023.
Justice Mabeya found that the Rwandese had financed the company's establishment and operations, wiring the first capital from Rwanda.
This was $29,000.
"He (Muhinyuza) controlled its operations and Koome was only his front waiting for the 1st Plaintiff's immigration status to be regularised," the judge's document reads.