A Saudi Arabian Prince is accusing three Kenyan businessmen of going behind his back and robbing him of millions of shillings in a multi-billion food security company they jointly owned.
Sultan Bin Nasser Bin Abdul Aziz Al Saud, who was the majority shareholder in an establishment identified as Arafco Agriculture Integration Company, filed a lawsuit accusing the three of forging his signature to transfer his 900 shares out of the 1000 shares to another company – Milestone Developers Limited.
“When we checked at Sheria House we found that they forged my signature to transfer the shares to themselves and that currently is subject of investigation by the Directorate of Criminal Investigations,” the prince’s affidavit was quoted by the Business Daily.
In the company, the accused, Mohammed Koriow Nur, Mohammedulamin Mohamud and Mohammed Hirei Bare Ahmed reportedly owned six, three and one per cent shares respectively, but after transferring Sultan’s share to the new company they became the majority shareholders.
Prince Sultan moved to invest in Kenya following a presidential invitation, “calling for international businessmen to invest in food security by offering them land”.
“I embarked on development of the leased land and have so far cleared 2000 acres for setting up of a ranch in readiness for the first phase of planting maize before embarking on the second phase of sugarcane and later setting up of a sugar factory and had initially employed 80 Kenyans. I have invested US800,000 and I am waiting for the Saudi and the Kenya governments to sign a food security agreement,” Prince Sultan highlighted.
The prince’s lawyer David Okoyo Ondieki indicated that Sultan’s partners faked the signatures at the Attorney General’s office.
One of the businessmen, Mr Mohamud, has however denied the allegations.
Meanwhile, court documents cited that the wealthy Saudi crown prince was to invest Sh21.6 Billion, while the local shareholders were to contribute some Sh30 Million to the joint project.