Kwacha Group of Companies, a holding firm owned by the family of former NASA finacier Jimmy Wanjigi has been ordered by the High Court to deposit Sh15 million over an office renovation dispute with a contractor.
Justice Joseph Sergon ordered the then NASA tycoon to deposite the funds in an interest earning account within a period of 90 days.
Justice Sergon made the decision when he suspended execution of a judgement delivered by a magistrate court on January 31, directing Kwacha Group to pay the contractor, Pindoria Holdings Ltd, Sh15,547,950.
The money was for renovations done at the headquarters of Kwacha Group in Nairobi’s Westlands suburb in 2012.
It was the second time for the judge to suspend the magistrate’s order after making a similar order on July 3. In the first instance Kwacha had been ordered to deposit the money within 45 days.
Kwacha later returned to court and pleaded for an extension of 120 days because it had not been able to raise the money.
Kwacha Group of Companies representative, Mr Boniface Nginyo Mwaura told the court that the group’s business operations had been paralysed by the Covid-19 pandemic.
“I think the appellant’s request is justified in the circumstances save that 30 days should be discounted,” said justice Sergon.
Pindoria was opposed to the request for extension.
Kwacha is said to own shares in various firms such as Carbacid Investments, East Africa Cables, Kenya Airways, Total Kenya and Barclays Bank.
Maina Wajigi, one of its directors and father to Jimmy Wanjigi also owns parcels of agricultural land in Nyeri, Murang’a and Kiambu counties.
Kwacha’s real estate investments include housing projects in Ridgeways, Karen and Nakuru.