Fraud

Equity Chairman Peter Munga Accused of Stealing Shares.

FacebookTwitterEmailWhatsAppShare

Caption : Equity Bank’s Chairman Peter Munga who always says he became Rich Genuinely though many scandals surrounding him tell another story

Billionaire businessman Peter Munga is facing a multi-million shilling court battle over his alleged failure to pay for three million TransCentury shares he bought from a longtime associate four years ago.

Munga, who is the Equity Bank chairman, is accused of taking possession of the shares worth Sh150 million without paying Joseph Muturi Kamau the amount as stipulated in a sale agreement. Kamau is a longtime friend of the Equity Bank chairman.

Kamau says he had deposited the shares in a holding account at Equity Bank as security for a Sh40 million loan he took from the bank but in 2011 struck a deal with Munga to buy the shares at a price of Sh50 each.

Caption : Equity Bank Group. Is Equity the Most Corrupt Bank in the East African Region ? 

The billionaire businessman insists that the agreement was purely between him and Kamau and did not involve Equity Bank as the petitioner has alleged. Munga says he paid Kamau Sh2.4 million and an additional Sh33.5 million to Equity Nominees Limited to settle the plaintiff’s debt with the bank.


Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: hello@cnyakundi.com. Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.

Comments

comments

FacebookTwitterEmailWhatsAppShare
Click to comment

You May Also Like

News

The Energy and Petroleum Regulatory Authority (EPRA) will be giving a licence to Tanzanian firm Taifa Gas Investment to construct a liquefied petroleum gas...

Featured

Yesterday, we published how Prof Justus Mile is running Kiriri Women’s University as a private brothel. With students accusing senior officials of sexual harrassment...

News

A gay American YouTuber Julian Albino, who is popular for his solo travels around the world, is now facing allegations of abusing his stay...

Featured

How many Bonga Points do you have? Safaricom has updated its Frequently Asked Questions (FAQs) to signal its new plans to force clients to...

Copyright © 2021 Cyprian Is Nyakundi.

Exit mobile version