A Dubai-based company, SH Trading DMCC, has initiated legal action against Kenyan gold-trading firm Kerongwe & Sons General Traders Ltd, seeking a refund of over Ksh 63 million for a gold consignment that was never delivered.
According to court documents, SH Trading DMCC paid $489,950 (approximately Ksh 63.24 million) for 700 kilograms of gold, which was to be delivered in Dubai by June 5, 2024. The lawsuit names Kerongwe & Sons General Traders Ltd and its Chief Executive Officer, John Kerongwe Mwita, as defendants, alleging breach of contract and loss of business.
The plaintiff claims that the failure to deliver the gold has disrupted its supply chain, resulting in significant financial losses. Through their attorney, Kenneth Amondi, SH Trading DMCC is demanding a full refund of the amount paid, along with interest and damages for the breach and subsequent business losses.
Kerongwe & Sons General Traders Ltd is a licensed dealership specializing in mineral trading, particularly in the gold business.
As of now, the company and its CEO have not publicly responded to the allegations.
This case adds to a series of legal disputes involving Kenyan gold traders and international clients, highlighting ongoing concerns about fraudulent activities in the sector. In recent years, there have been multiple reports of fake gold scams in Kenya, leading to significant financial losses for foreign investors.
The Kenyan government has been urged to implement stricter regulations and oversight to curb such fraudulent activities and restore confidence in the country’s mineral trading industry.
The case is currently pending in court, with SH Trading DMCC seeking legal redress for the alleged breach of contract. The outcome of this lawsuit may have broader implications for Kenya’s gold trade and its reputation in the international market.
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