The National Resistance Movement (NRM) vice chairman Moses Kigongo’s ex-wife Olive Kigongo, has appealed a court order that her 15 per cent shares in the multi-billion Mosa Courts Apartments be purchased by the company itself at a value of Shs1m per share as at the time the petition began.
Justice Stephen Musota also made other orders which include; that the capital of the company shall be reduced accordingly, that Moses Kigongo’s company pays Olive 15 per cent of the profits made from January 1, 2011 to the date of the judgment and costs to be paid to the Olive by Moses’ company.
Justice Musota also ordered that Kigongo should buy all of his ex-wife’s shares at Shs1m per share.
“By asking to wind up the company, the petitioner [Ms Kigongo] clearly showed that she is no longer interested in running the company. So, she will have to sell her shares to the respondent,” Justice Musota had earlier ordered while making his final decision to the one-year legal battle in which the two parties failed to negotiate an out-of-court settlement .
Kigongo has 85 per cent shares in the company while Olive controls a 15 per cent stake.
In her petition, Olive Kigongo stated that in 2011 her husband unfairly removed her from the company board.
“Moses took away from her all cheque books of account and records of the company and employed staff who exclusively report to him,” reads part of the petition.
Since Kigongo never denied the above claims, Justice Musota agreed that Olive was unfairly treated.