The heated high profile case pitting Guardian Bank Limited and a number of companies associated with tycoon Raju Sanghani was was presided over by High Court judge justice Alfred Mabeya who ruled in favour of the plaintiffs.
The case involving the tycoons and Shivali Ltd, the first plaintiff, Naval Holdings, second plaintiff, Kety Investments, third plaintiff and Saaf Holding, fourth plaintiff had dragged in court for years.
The four companies were linked to the defunct Guilders Bank which was later sold to Guardian bank.
They had taken firms associated Chandaria family of Maganalal Motichand Chandaria associated with Guardian Bank Limited to court.
Judge Mabeya in his ruling delivered on February 17 2023 in favour of the plaintiff, ordered the companies to pay money running into millions of shillings with accrued interest but the defendants filed a notice of appeal immediately after the ruling, the defendants immediately filed a notice of appeal.
The defendants argued that they were not satisfied with the judgment decree of High Court, Commercial and Tax Divisor.
The appellant’s lawyer is Triple Ok Law Advocates with Kago and Company acting for respondents who won big at the High Court.
Guardian Bank Limited was founded by billionaire Dr. Manu Chandaria whose family is one of the leading business houses in Kenya with business commitments in Kenya, Tanzania, Uganda, UK and India. Dr. Chandaria was also the Chairman of the group companies, including Guardian Bank Limited.
Manu Chandaria I’m told is opening up on his 26 year old marriage. I hope he opens up about his years old tax evasion as well as we look into the next few hours to his interview with Betty.
If he won’t talk then we will update him on known facts.
— Kenya West (@KinyanBoy) June 15, 2019
But Chandaria has had a good share of controversies. In 2019, the managing director of roofing company Royal Mabati Factory, a company associated with the Asian tycoon was charged with evading Sh900 million tax.
Moses Ikinya Kang’arua denied 12 counts of charges ranging from fraud in relation to tax, altering statements in income tax returns, omitting to declare income taxes and Value Added Taxes, under-declaring imports and substituting and removing goods in a bonded warehouse.
Nairobi chief magistrate Francis Andayi ordered him and the company to pay a Sh1 million cash bail each to secure their release.
Mr Kang’arua was found to have posted incorrect statements for 2016 when he reduced the corporate liability by Sh20,916,653.
On the second count, he allegedly under-declared tax liability for 2017 leading to the loss of Sh172 million meant for Kenya Revenue Authority (KRA).
