Business –NTV has today established that Lei Cheng, who was previously believed to be the sole owner of the shopping store, actually owns only a percent in the business.
Company registry (CR12) documents seen by NTV today Tuesday February 28, indicated that the remaining 99 percent of the store is owned by Fujian Festar Holding Limited which has two directors: Lian Feng, who owns 59 percent, and Chen Xiuhua, who owns 40 percent.
China Square Limited, a popular shopping center in Unicity Mall, has been at the center of controversy for its low prices and alleged unfair competition.
The one-stop retailer sells a variety of goods imported from China at relatively cheaper rates compared to local retailers.
The mall has also attracted the attention of Trade and Investment Cabinet Secretary Moses Kuria, who recently threatened to shut it down claiming it is hurting local businesses.
Today Tuesday February 28 afternoon traders around the mall took to the streets in protest of the China Square shop that has been selling its goods cheaply.
According to a source familiar with company registrations details, Fujian is a Kenyan-registered company, and the company, rather than the individual, is regarded as the director of China Square. The two registered the company in Kenya on July 25, 2022.
China Square Limited, on the other hand, was registered almost a month later, on August 19, 2022.
Therefore, despite speculation, this casts doubt on the company’s ties to a Kenyan.
Currently, officials from the Anti-Counterfeit Authority ACA are looking into a case involving goods worth sh 50 million and which a Kenyan businessman is claiming trademark ownership.
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