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[RwandaLibre] Rwandan tycoon drags govt to regional court

 

Rwandan tycoon drags govt to regional court

East Africa News Post [Jul 12, 2014]
By Special correspondent
Posted Saturday, July 12 2014 at 12:50

Case will be heard next month, says Rujugiro, vowing to fight to the
end. The Union Trade Centre (UTC) mall in Kigali, which is owned by
exiled Rwandan business mogul Tribert Rujugiro Ayabatwa. Photo/Cyril
Ndegeya

In Summary
Tribert Rujugiro Ayabatwa, 73, is the founder and controlling
shareholder of Pan-African Tobacco Group (PTG). The continent's
largest indigenous manufacturer of tobacco products, PTG makes
cigarettes in nine African countries. It is the most formidable
competitor to international tobacco giants Altria and British American
Tobacco (BAT) in Africa. PTG employs more than 20,000 people and has
annual revenues of over $250 million. Ayabatwa's personal fortune is
estimated at $200 million. (Source: Forbes.com)

Exiled tycoon Tribert Rujugiro Ayabatwa has sued the government of
Rwanda in the East African Court of Justice over the seizure of his
property and assets in the country.

Several properties and assets belonging to Mr Rujugiro have been taken
over by the state after being categorised as "abandoned properties."

The latest was the takeover of his shares in Nshili Kivu Tea Factory
by Nyaruguru District authorities on June 25 after the Commission for
Abandoned Properties resolved it was "poorly managed." It is now
expected to manage the shares on Mr Rujugiro's behalf.

Mr Rujugiro has businesses in Rwanda, Burundi, Uganda, Tanzania,
Democratic Republic of Congo (DRC), South Sudan, South Africa, Angola,
Nigeria and the United Arab Emirates, where he is currently based.

A former economic adviser of President Paul Kagame and stalwart of the
ruling Rwanda Patriotic Front (RPF), he fled in 2009 after he was
accused of funding anti-government groups. The business magnate told
The EastAfrican he was determined to fight the "illegal" seizure in
the regional court.

"I have filed a case in the East African Court of Justice to redeem my
properties, including UTC Mall and my residence," Mr Rujugiro said.
"It will be heard in August or early September. My properties have
never lacked someone to manage them."

Contrary to laws

The EastAfrican established that the case was, indeed, filed in EACJ
under reference number 10 of 2013 by Union Trade Centre (UTC). EACJ
president Dr Emmanuel Ugirashebuja had said he was unaware of it.

CAP has instructed NKTF to deposit all monies due to Mr Rujugiro in
Nyaruguru District's bank account for "safekeeping." Dr David Himbara,
an advisor of Mr Rujugiro who is exiled in Canada, said the government
had "illegally" replaced Mr Rujugiro as a shareholder in NKTF.

"The government claims that Mr Rujugiro's assets were taken over
because they were abandoned since he does not reside in Rwanda," Dr
Himbara said. "As Mr Rujugiro explains, however, this assertion is
contrary to Rwandan and universal laws that protect shareholders
regardless of whether they are domiciled inside or outside their
native countries.

"Rwanda seems to be saying that no investor residing outside the
country may own shares in Rwandan-based companies or, to be precise, a
native Rwandan not living in their homeland may not own assets of any
kind in their country."

Nyaruguru vice-mayor Fabien Niyitegeka, the district's CAP chair,
confirmed the takeover.

"It is true we have taken over the management of the shares, but it is
not about Mr Rujugiro alone," he told The EastAfrican. "In fact, we
have never seen him, or anyone from him with power of attorney, coming
to us.

"So, the commission resolved that these shares were abandoned."

He said an account to hold earnings of Mr Rujugiro's shares had been
opened. The tycoon holds an estimated five per cent stake each in the
tea plantations and the factory, which he co-owns with a British firm.

http://www.google.ca/gwt/x?gl=CA&source=s&u=http://www.africapressreview.com/link-a%3Fid_syndic_article%3D221317&hl=en-CA&ei=5jrBU7a2D6adsgfKp4HYCA&wsc=yh

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