Africa-Press – Rwanda. Two shareholders in a locally registered energy company, both of whom are foreigners, are struggling to fix a complex dispute that has put to test the country’s business law and powers of Rwanda Development Board.
In the series Taarifa has been publishing about a company known as REFAD Rwanda/ Omnihydro (its shareholders REFAD GROUP and Omnicane), one of these shareholders repeatedly complains about the mysterious cutting of his shares in the company.
Rwanda Development Board had intervened and ruled that the shareholding Capital structure be returned to its original status of 49%vs51% not the altered 1.52%. vs 98%.
However, the RDB ruling and promise to reinstate the original capital structure has since not been implemented. REFAD GROUP sees this failure as an act of facilitated theft of its shares and filed a suit at the Commercial Court.
Taarifa has since learned that the exposure of this matter through the lengthy series has triggered back and forth discussions and lobbying both at RDB and other higher offices as both shareholders try to qualify their positions.
A source privy with this matter told Taarifa last week that RDB has again ordered that the original capital structure at REFAD Rwanda/ Omnihydro be reinstated and the dispute be settled.
For example on September 24, REFAD GROUP AG received an email from the Registrar General, saying that after internal discussion with higher authority RDB decided to restore REFAD Rwanda/ Omnihydro Capital structure as ruled 13 months ago, provided that REFAD GROUP AG stop the court process.
Later on September 27, RDB convened a meeting with REFAD GROUP and Omnicane to inform both of them about this decision. But Omnicane did not attend and asked to postpone the meeting.
RDB refused to postpone the meeting and wrote to all parties that the meeting would take place and the decision to restore the initial company structure be implemented. indeed the meeting took place and the registrar general confirmed that he would implement their decision.
On October 6, the same office of the registrar convened another meeting with all parties, this time Omnicane attended and RDB confirmed that they would implement their own decision.
The registrar asked that both parties should negotiate. However, a source told Taarifa that REFAD GROUP said it was not going to negotiate until the fraud is repaired. How can you negotiate with someone who has stolen your investment?
Another day on October 12, officials of Omnicane Ltd secretly travelled to Rwanda after a meeting on 6 October, 2021 and they have allegedly been secretly meeting the Registrar General.
“Following REFAD GROUP complaint, RDB asked for a meeting with REFAD GROUP AG lawyers. That meeting took place on October 15,” said Dr. Jacques Ntogue, adding, “It is strange that after 14 months and all these meetings RDB is still reluctant to implement his own decision despite many letters that they sent to reinforce their decision.” Meanwhile, the Registrar General Mr Richard Bayingana has remained non committal on the matter despite several requests by our reporter.
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