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Former Kenol-Kobil Executive Patrick Kondo Halts Buyout While Unfair Termination Case Continues

Kenol-Kobil
Kenol Petrol Station In Nairobi CBD/courtesy
Kenol-Kobil
Kenol Petrol Station In Nairobi CBD/courtesy

Justice Helen Wasilwa has allowed an injunction order by Patrick Kondo a former executive at Kenol-Kobil that could prevent the signing of the takeover agreement between the oil marketer and the French company Rubies Energies SAS.

He claims that he was unfairly terminated from the oil marketing company and is seeking compensation amounting to Sh26.8 Million. Mr Kondo worked at Kenol-Kobil  for more than twenty years  and oversaw the company’s acquisitions in the Uganda, Rwanda and Burundi under former chief executive Jacob Segman.

“That an order of injunction is hereby issued restraining the respondent (Kenol-Kobil) by themselves, agents and assignees from executing and/or implementing the takeover agreement between the respondent and third party or entering into any similar agreement withe aforementioned company pending the hearing and determination of this application inter-parties.”

This order could affect the Sh35billion transaction which was set to be concluded in March. Rubies Energie SAS had stated that serious legal matters were some of the reasons that would lead to the pulling out of the transaction.

Mr. Kondo said that he would not be able to get his compensation if he allows the take over agreement to be enforced.

Read:International Price For Crude Oil Goes Down By 32 Per Cent

He gave Kenol-Kobil an option of depositing the amount he seeking in an escrow account if they wanted the buyout to continue before his matter is determined at the employment and labor court.

The oil marketer had been burning the midnight oil trying to resolve any legal disputes.  Recently they compensated the former chief Executive Jacob Segnan Sh 707million.

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Written by Merxcine Cush

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