A company secretary facing forgery charges in a disputed family shareholding transaction involving the family of former Attorney-General James Boro Karugu is challenging the KSh700,000 cash bail imposed on her, arguing that the amount is excessive in relation to a share valued at KSh100.
Jane Wangechi Kabiu, also known as Jane Kabiu Gitau, is charged alongside Eric Mwaura Karugu and Benjamin Githara Karugu over the alleged fraudulent transfer of an ordinary share belonging to Victoria Nyambura Karugu.
The case has drawn attention to the alleged use of a forged share transfer document and the role of corporate records in establishing ownership of company interests.
According to court documents, the three are accused of conspiring to defraud Victoria by transferring her shareholding from Mathara Holdings Limited to Centurion Holdings Limited.
Kabiu, who operates Optimum Registrars, faces additional charges of forgery and uttering a false document. The prosecution alleges that she knowingly presented a share transfer form purporting to be genuine and bearing Victoria’s name to the Director General of Business Registration Services.
The accused have denied the charges.
The KSh100 share argument
In their application for a review of bail terms, the accused argue that the KSh700,000 cash bail imposed on each of them is disproportionate to the value of the disputed share.
In an affidavit filed in support of the application, Eric Mwaura Karugu contends that the share is valued at KSh100. He also argues that the transaction merely involved moving the share between companies and that Victoria remained its registered owner.
The applicants say they relied on financial assistance from friends and relatives to raise the bail money and are now under pressure to repay those who helped them.
They have asked the court to substantially reduce the amount or impose alternative conditions.
However, the prosecution maintains that the nominal value of the share does not determine the seriousness of the alleged offences. It argues that the case concerns alleged conspiracy, forgery and the use of a purportedly false document to alter corporate ownership records.
The prosecution has also pointed to the wider interests represented by the shareholding, arguing that Mathara Holdings Limited owns a coffee estate and other valuable assets.
The court is therefore being asked to consider more than the face value written on the disputed share transfer document.
Scrutiny over corporate documentation
The allegations place Kabiu’s professional role under scrutiny because company secretaries and corporate registrars handle records used to document ownership and changes in shareholding.
The central question in the criminal case is whether the disputed transfer document was genuine and whether it was knowingly presented as authentic.
Those questions remain matters for the court to determine. The charges do not, by themselves, establish that Kabiu committed forgery.
The dispute also sits within a broader controversy surrounding documents associated with the estate of the late James Karugu. However, allegations concerning a purported will and trust are separate from the share-transfer charges and should not be treated as established findings against the accused.
Prosecution opposes bail reduction
In separate submissions reported by Citizen Digital in September 2026, the Director of Public Prosecutions opposed the application to reduce the KSh700,000 cash bail, citing alleged witness interference, threats against the complainant and failure by the accused to attend a court mention.
These are prosecution allegations, not findings of guilt.
The DPP asked the court to retain the existing bail terms and consider additional conditions. The court’s determination of the bail application is separate from the question of whether the accused are guilty of the charges they face.
The case highlights the importance of establishing the authenticity of corporate documents and ensuring that disputes over company ownership are resolved through lawful processes.
For now, the allegations against Kabiu and her co-accused remain before the courts.
