Kenya: Director seeks to bar Chinese investors from casino business

One of the directors of Lucky 8 Casino situated at Galana Plaza in Kilimani Nairobi has moved to court to block Chinese investors brought on board by his co-directors from participating in the business. Joseph Ravasio wants court to quash the agreement he claims his co-directors entered with the Chinese investors.

While accusing his co-directors of having un-procedural entanglement with Chinese investors, Mr Ravasio says his colleagues at Afko Luck investments, the company that owns the casino, brought in the investors without his knowledge.

He says the move was in contravention of the terms of the licence issued to the company by Betting Control and Licensing Board (BCLB).

Mr Ravasio accuses his co-directors Nilesh Dingoo Kriplani, Alfred Felix Crasta, Hector Robert Diniz and Ramesh Raichand Premchand Mepa Shah of unilaterally bringing in Yuan Fangwenjin, Wang Li Ping and Guo Jun Feng and entering with them into a profit sharing agreement without his knowledge.

“Mepa Shah for and on behalf of the other directors and in accordance with the Profit Sharing or Rent to Own Agreement with the Chinese Investors has fraudulently received payments for the use of the Company Premises, Company Equipment, Company Staff and Company License without accounting for such funds and or directing the payments to the Company Accounts for purposes of declaring the income,” – states the court petition.

He further accuses his co-directors of routinely inflating operational costs with the net consequence of reducing his equity value and creating an artificial need for capital injection and thus denying him his dues. He wants court to order his colleagues to pay back any funds owed to the Company in the form of advanced credit.

Mr Ravasio is also seeking orders directing his co-directors from making any alterations to the Memorandum and Articles of the Company without authourity of the court. In the alternative, the co-directors purchase his shares in accordance with the fair value determined by a court appointed inspector.

Ms Addisalem Demisse, who had power of attorney to act for Mr Ravasio and also acted as general manager, says the Chinese investors agreement signed in 2019 stated they would pay Sh600 million to get a piece of the company. However, in response Mr Mepa says the company had not been doing well financially and it was resolution of the directors that they bring in tge Chinese investors through a ‘Rent-to-Own’ deal. He says the petition by Mr Ravasio is scandalous and in bad faith. The matter is awaiting hearing at the High Court in Milimani Nairobi.

Source: businessdailyafrica.com

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.

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Szarlot

I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry.