The Registrar of Companies has stated that Rwandese Investor Desire Muhinyuza is the beneficial owner of the disputed Sh 400 Million StayOnline Kenya Ltd.

In a witness statement to a case filed by the Rwandese national against businessman Kirimi Koome, Senior Assistant Registrar of Companies, Hiram Gachugi indicates that the Rwandese national owns a controlling interest in Stay Online Rwanda.

In the case, two businessmen, Koome Kirimi and Desire Muhinyuza, are fighting over the company.

Desire Muhinyuza has however insists the company belongs to him explaining that Kirimi was chosen as Stay Online Limited’s agent in Kenya because of the challenges  faced by a  foreigner to register a company name in the country.

Now the registrar of companies says Desire has indirect ownership and indirect control as a beneficial owner as his shares are held through his nominee Koome.

“The plaintiff exercises significant control and influence in Stay online Kenya Limited considering that he exercised decision making power over the management and operations of Stay online limited from its incorporation as per resolutions of Stay online Rwanda dated 1st April 2023,” he stated in the witness statement.

Gachugi notes the resolution from Stay online Rwanda is what appointed Koome as a director of the company and the local representative.

He states that Desire has a significant economic interest on Stay Online and exercises control over its economic benefits, and would therefore be considered a beneficial owner, even if he does not hold the legal title to the entity’s shares

The Registrar of Companies advises that the company should be archived and Desire should be assisted in regaining control of the company to safeguard the significant foreign investment and further losses.

Koome has a pending criminal case related to the case where he has been charged with several counts of fraud. The criminal case is scheduled for hearing next year.