Rubis Energy Kenya petrol station along Koinange Street, Nairobi. [Elvis Ogina, Standard]French multinational Rubis is engaged in a Sh4.1 billion legal dispute with Gulf Energy Ltd regarding its value in the 2019 buyout deal. “As a result of the recovered data, the respondent (Rubis Energy Kenya) proceeded to demand from the petitioner (Gulf Energy Ltd) a sum of at least $41 million (Sh4.4 billion) in the alleged overstatement of the value of the Gulf Energy Holdings Ltd (GEHL) shares,” states court documents. On November 4, 2019, Rubis acquired Gulf Energy Holdings Ltd, a special purpose company housing part of the oil marketing assets and businesses of Gulf Energy Ltd.At the time of the deal, Gulf Energy further owned two fuel depots in Mombasa and Nairobi along with a liquefied petroleum gas (LPG) storage and filling plant and reported Sh3.2 billion in turnover in 2018. Gulf Energy wants the court to declare that Rubis Energy has violated or threatened its rights to privacy, rights of access to information and property.

Source: Standard Digital June 10, 2021 06:31 UTC