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Tuesday, February 28, 2023 –NTV has today found out that Lei Cheng, who was previously believed to be the sole owner of the shopping store, actually owns only a percent of the property.
According to company registry (CR12) documents seen by NTV today Tuesday February 28, the remaining 99 percent of the store is owned by Fujian Festar Holding Limited. The company has two directors: Lian Feng, who owns 59 percent, and Chen Xiuhua, who owns 40 percent.
China Square Limited, a ‘controversial’ popular shopping center in Unicity mall, has been at the center of controversy for subjecting local competitors to an 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.
With all the conversation around it, questions have emerged over who owns China Square that has since shut down its doors following the on going public and government pressure.
Today Tuesday February 28 afternoon, hundreds of city traders around the mall took to the streets in protest of the shop that has been selling its goods cheaply giving them unmatched competition.
According to a source familiar with company registration 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.
Despite speculations, 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 from the store that have been alleged to have intellectual property infringement issues with a Kenyan businessman.
The businessman claims that the trademark Finder is his domain that he trades under.
