Former rally driver Alistair Cavenagh has gone to court over a dispute over ownership of shares in a company that runs an exclusive golf resort in Kilifi County.
Mr Cavinagh obtained an injunction preventing fellow shareholders Christopher Gordon Horsey and David Horsey from dealing in shares in First European Finance Investments Limited (FEFI), a company registered in Mauritius.
FEFI, a special purpose vehicle, owns shares in Vipingo Ridge Ltd, Vipingo Beach Ltd and Sunsail Trading Company Ltd, which were previously owned by the former CEO, Mr David Mitchell.
“Pending the hearing of this application between the parties, an injunction is hereby granted restraining the first, second (Horse) and third (FEFI) defendants from dealing in any manner with the shares held by the third defendant in Sunsail Trading Company Limited, Vipingo Ridge Limited and Vipingo Beach Limited,” Justice Stephen Githinji said.
Justice Githinji also allowed Mr. Kavenagh to serve Vivi via email as an offshore registered company.
The case will be reported on July 18, 2024 for further guidance.
Through his lawyer James Singh Gitau, Mr Cavinagh approached the court arguing that Christopher and David Horsey had threatened and appeared intent on taking steps to transfer shares held by FEFI in various companies in which he held a stake.
Evidence presented to the court showed that Mr Mitchell and Mr Cavenagh came up with the idea of developing a golf course in Kilifi in 2004. The pair formed a company to buy the property in which they both became equal shareholders.
The company has developed an extensive road network, a clubhouse, an airport, a beach bar, a restaurant, a conference centre and a club, all estimated to cost about $30 million (about Sh3.8 billion). The property covers about 1,100 acres.
After acquiring the property, the shareholders invited Christopher and David (Horses) as investors.
The Horses, known to both parties, agreed to invest in Sun Sails by contributing $2 million (Sh256 million) in cash and equipment.
The Horses family acquired 30% of Sun Sails Trading and Vipingo Ridge. The company has developed a world-class golf club and sold lots to 310 homeowners. The golf course opened in 2013 and is PGA certified, the only one in the area.