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Tuesday, October 25, 2011

Muthoka to boot Mobicom? AndyForwarders calls CMC EGM

Mobicom's Paul Ndung'u (left)
It seems the battle over CMC motors is just beginning. Now Andy Forwarders CEO Peter Muthoka has called for an Extra-ordinary General Meeting of CMC shareholders with the agenda being to remove a number of directors including: Paul Ndung'u and Joel Kibe (chairman) both men associated with Mobicom, Andrew Hamilton, and Billy Lay (current MD).

At the EGM to be held at Bomas of Kenya on Monday 21, November, Andy Forwarders will seek to have Mark Ole Karbolo who has chaired East Africa Portland Cement, Professor Francis Mwihuri Njeru of JKUAT and Peter Mbuthia Gachuhi of law firm Kaplan & Stratton to replace them.

Apparently, Muthoka wants Ashok Shah of APA Insurance who is sitting on 12.5 per cent shareholding to back him and probably some proxies of some of the guys who may not like the Mobicom duo.

Muthoka has about 24 per cent shareholding putting him in prime position to stage this move.

Nothing is known of his recent woes. Just recently, one of his bank accounts at Family Bank was to be frozen with Sh180million as investigations continue. We will update on what happened on that front but for now the battle lines are set.


UPDATE: We called Paul Ndung'u and he says he has just landed in the country but he says he had seen that mail earlier so it is only now that Muthoka and co have decided to send it to shareholders. He didn't sound ruffled: "Let's talk tomorrow," he said.

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