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Thursday, December 7, 2023

Two Chinese investors in court over Kindaruma Mall ownership

Two Chinese investors are currently embroiled in a legal battle over the ownership of Kindaruma Mall situated in Ngong, Nairobi.

Chen De who is the director of Kindaruma Mall Limited told the court that he injected an initial capital of Ksh 40 million and later Ksh 50 million to the construction of the mall as it is today.

It was along the way that Shao Guixiang the director of Good Choice Garage Limited partnered with him as he had run into some financial challenges in order to complete the construction.

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According to De,Shao was misleading the court through his statement with the plan to deny him the rights to the mall when he knew very well the agreement they had entered. The May 2022 agreement saw the two investors agree to name the mall Kindaramu as it was their joint venture.

“The purpose of our joint investment in the construction and that the lease on the land would be transferred to the company that Kindaruma Mall was indeed registered and Shao Guixiang nominated his daughter Shao Zhujun to hold his shared on his behalf,”┬áread an affidavit before the court

De now accused Good Choice Garage Limited of going behind his back and issuing licenses to traders and even collecting rent without his knowledge. Currently, De is reported to have ordered tenants in the mall to vacant within 24 hours causing fear among business people who have reported presence of goons.

Good Choice Limited through its lawyers have requested the court to halt any orders until when the case is heard and determined.

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