Equity Bank Founder Peter Munga Accused Of Swindling Business Partner Ksh150 Million

Equity Founder and former chairman Mr Peter Munga has been accused of swindling a business associate and friend Mr Joseph Kamau Ksh150 million.

In Court papers, Mr Kamau who owns Bethany Vineyards says that Mr Munga bought three million shares from the company in 2011, and has refused to pay.

The deal was agreed after Mr Kamau and his company failed to pay a loan of Ksh40 million he had taken from Equity Bank. In the deal, Mr Munga was supposed to clear Mr Kamau’s loan and remit the balance to him and his company.

In a bid to remain clean, Munga asked to settle the matter out of court by paying Kamau Ksh90 million, which he (Kamau) refused and moved to court.

Read: Equity Bank Sends Home 60 Employees After Donating Billions To COVID-19 Fund

In Court, Munga wanted the case thrown out on grounds that there was no resolution from the board of directors of Bethany authorising Mr Kamau to file the claim against him. He also argued that Mr Kamau’s affidavit was filed late.

“The affidavit was filed six months later. No explanation was given by the plaintiffs why they delayed in filing the affidavit. Notwithstanding that delay, there is in my view, no prejudice suffered by the 3rd defendant due to that delay,” ruled Justice Mary Kasango.

The judge allowed the affidavit, but directed the company to pay Mr Munga the costs for late submission.

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