Former rally driver Alistair Cavenagh has moved to court over a shareholding fight in a company that runs the exclusive golf resort in Kilifi County.
Mr Cavenagh obtained a court order blocking fellow shareholders Christopher Gordon Horsey and David Horsey from dealing with the shares at First European Finance Investments Limited (FEFI), a company incorporated 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 a former executive director Mr David Mitchell.
“Pending the hearing of this application inter-partes an order of injunction is hereby issued restraining the 1st, 2nd (Horseys), and 3rd Respondents (FEFI) from dealing in any manner whatsoever with the shares held by the 3rd Respondent in Sunsail Trading Company Limited, Vipingo Ridge Limited and Vipingo Beach Limited,” Justice Stephen Githinji said.
Justice Githinji also allowed Mr Cavenagh to serve Fefi through email being a company registered out of the country.
The case will be mentioned on July 18, 2024, for further directions.
Through lawyer, James Singh Gitau, Mr Cavenagh moved to 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 ass an interest.
Evidence tabled in court showed that Mr Mitchell and Mr Cavenagh came up with the idea of developing a golf course in Kilifi in 2004. The duo incorporated the company to acquire the property with the two of them as equal shareholders.
The company developed an extensive road network, a clubhouse, an airfield, a beach bar, a restaurant, and a conference centre and a clubhouse, all estimated at $30 million (about Sh3.8 billion). The property measures approximately 1,100 acres.
After acquiring the property, the two shareholders invited Christopher and David (Horseys) as investors.
The Horseys, who were known to both agreed to invest in Sunsails by contributing $2 million (Sh256 million) through cash and equipment.
The Horseys acquired 30 percent of Sunsails Trading Company and Vipingo Ridge. The firm developed a world-class golf clubhouse and has sold plots to 310 homeowners. The golf course was opened in 2013 and was accredited with PGA status, the only one in the region.
