Kenyan tycoon Peter Munga has prevailed in a legal battle that has lingered for more than a decade. The High Court in Nairobi has dismissed a Ksh150 million 1.2 million claim linked to an alleged oral agreement over the sale of 3 million shares in TransCentury Limited, bringing closure to a case that has shadowed one of Kenyas most respected business figures for 14 years.
Justice Njoki Mwangi ruled that the verbal contract made in 2011 between Munga and businessman Joseph Muturi Kamau was null, void and unenforceable. The court further ordered Kamau and his company, Bethany Vineyards Limited, to refund Ksh42.9 million 332,000 that Munga had used to settle their loan with Equity Bank, within 45 days. They were also directed to pay Ksh2 million 15,500 in damages for misrepresentation.
Background of the case