NAIROBI, Kenya Aug 11 – A company secretary and two sons of former Attorney-General James Karugu accused of conspiring to fraudulently transfer their sister’s shareholding have asked the Milimani Law Courts to substantially reduce the Sh700,000 cash bail imposed on each of them.

📻 Breaking It Down

Jane Wangechi Kabiu alias Jane Kabiu Gitau, Eric Karugu and Benjamin Karugu argue that the bail terms are excessive and disproportionate to the value of the disputed share, which they say is worth only Sh100.

The three are facing criminal charges over the alleged fraudulent transfer of one ordinary share belonging to their sister, Victoria Nyambura Karugu.

In an affidavit sworn by Eric Mwaura Karugu on behalf of the applicants, the accused argue that the value of the disputed share should have been taken into consideration when setting their bail terms.

📌 What You Need to Know

“From the share transfer document the value of the said share is Ksh100,” Mwaura states in the affidavit.

He further disputes the claim that Victoria lost ownership of the share, arguing that the alleged transaction merely moved the share from one company to another while leaving it registered in her name.

“The alleged share was just moved from one company to another and is still in her name,” he says.

The applicants also told the court that they were forced to turn to friends and relatives to raise the Sh700,000 cash bail each following their arrest and detention.

“With the strenuous efforts all the accused were able to raise the cash and made the deposits,” Mwaura states.

However, they now claim that the people who assisted them are demanding repayment, placing them under financial pressure.

📰 Source: Capital FM Kenya