Billionaires of Mombasa: How Doshi Tycoon Lost Ksh 1B in a Flash

In 2020, the ‘Chuma ya Doshi’ advert hit the local market to promote the steel arm of Doshi Group.

In the eyes of the advertiser, the promo ticked all the right boxes and achieved an unimaginably extensive reach countrywide, turning into fodder for memes.

Privately, however, its owner billionaire Ashok Doshi, was battling a private court case involving his Ksh1 billion shillings that had sunk with the collapse of Imperial Bank of Kenya.

The revelation came to the light in 2016 when the tycoon filed a suit against various entities tasked with liquidating the then troubled bank.

An image of Doshi Billionaire, Ashok Doshi

The Standard

In the suit, Doshi and his wife Amit, argued that they had stashed over Ksh1 billion in US dollars and Kenyan currency in an account in the bank as of October 2015.

The couple argued that they had set the funds aside as their retirement plan noting that placing the bank under receivership would jeopardise their plans and they risked recovering only Ksh1 million.

The tycoon then renewed the fight for his funds from the bank in December 2021 following an approval to liquidate the bank, which was first placed under receivership in 2015, giving way for the sale of its assets. The process was, however, stalled after Doshi filed the suit.

Outside of the court battle, Doshi, is a shrewd and respected businessman countrywide with his company nearly clocking 100 years in operations.

Founded in 1930, the firm, which has operations in Nairobi, Mombasa and Eldoret among other towns, is known for the manufacture of high-quality steel, electrical, water, hardware and telecommunication products.

The company, which has operations in Uganda and Tanzania as well, has expanded to several sectors and boasts of offering over 30,000 solutions.

In mid-March, the tycoon also won a Ksh15 million payment after his company was accused of being in possession of fake pens.

Doshi had paid Haco and Société Bic, the manufacturer of BIC biro pens, the money to avoid prosecution after he was found in possession of 176 cartons of counterfeit pens disguised as Haco’s original products.

Justice Patrick Otieno ordered Haco Industries and French Manufacturer Société Bic to refund the money it had received from Ashok.

Manav Foundation, Doshi Steel’s philanthropy arm, actively supports projects related to education, health and water.

Doshi Steel company

YouTube

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