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September 29, 2023

Court freezes multi-billion empire Rai family bank account

A High Court in Nairobi has frozen a bank account belonging to the Rai family after one of the sons filed a case claiming he was kicked out as a signatory to the family joint account.

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According to Iqbal Rai, he was removed from the list of signatories to the family joint account in February 2023.

He told the court that since he lost his rights to manage the family account, his brother was authorizing transactions without transparency.

Consequently, he has also requested the court to order a bank statement for the account since March 2023.

“The said removal renders the account susceptible to manipulation and withdrawals without the consent of the Applicant who is still a director/shareholder,” read part of the court papers.

Iqbal’s lawyer Ekuru Aukot has requested the court to reinstate him as a signatory to the multi-billion empire bank account.

The two Rai brothers started fighting over their family after the death of their father Tarlochan Singh in 2010.

“All efforts by the Plaintiff to follow up on the matter and to ensure that he is restored as being part of the mandate have been treated with contempt despite the grave risk that obtains in the current circumstances,” his lawyer noted in court documents.

The Rai family has invested heavily in real estate, manufacturing, and wholesale shops in Kenya and other countries in the East African region.

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