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HomeWealthShahid Pervez Butt: How Modern Coast Owner Multi-Billion Estate Was Distributed

Shahid Pervez Butt: How Modern Coast Owner Multi-Billion Estate Was Distributed

Before he died in 2014, Shahid Pervez Butt ran one of the largest business empires in Kenya. Many people knew him as the owner of Modern Coast Express Limited, a bus service company connecting travelers to major towns in East Africa.

His wealth was estimated at sh 5 billion, with part of it safely tucked away in the tax havens of Jersey Island.

It was not until he died and his family went to court over property disputes that the full extent of Mr. Butt’s wealth was revealed.

Wealth

According to Business Daily, Mr. Shahid Pervez had invested heavily in the transport sector. He owned 209 vehicles, most of them fleets of luxury buses under his company, Modern Coast Express Limited.

He also owned a logistics company dubbed Vintage Point Clearing and Forwarding. His other company, Vantage Road Transporters, transported cargo to and from the port of Mombasa.

Aside from these companies, Mr. Butt owned dozens of houses, plots, and other commercial properties within the coast region, which he owned directly and through the companies of Blue Bell Properties and Premac Properties.

His son, Haroon Butt, was listed as a co-owner of some of the tycoon’s businesses, and he operated a Standard Chartered account in Jersey Island.

The late tycoon also had accounts in the Bermuda Islands, whose banks have a reputation for protecting their customers’ privacy from inquiring parties.

Shahid Pervez also owned other investment accounts at the Minneapolis-based American Express Asset Management Company and Commerzbank, a German-based money market fund.

Sadly, Mr. Butt was gunned down by unknown persons on July 11, 2014 in Changamwe as he was picking up his son from Moi International Airport.

He left behind two widows, Mrs. Regine Butt and Mrs. Akhtar Butt.

Wealth Distribution

Initially, Mr. Butt’s widow, Mrs. Regine Butt, sought to be paid Ksh 1.5 million monthly from the tycoon’s estate, which she said would cater for her living expenses.

She also sought to be paid Ksh 200 000, which she said would cater to fuel and vehicle maintenance.

Additionally, she wanted Ksh 1.05 million yearly to cater for her children’s school fees.

However, it was not until recently that the high court arrived at a judgment on how the billionaire’s wealth would be distributed.

In his ruling, Justice Gregory Mutai ordered that a monthly allowance of Ksh 250 000 would be paid out to Mrs. Regine Butt and her children for their maintenance.

He also ordered the distribution of the following companies that belonged to the deceased tycoon among his family members: Blue Bell Properties Ltd, Modern Coast Builders & Constructors Ltd, Pribhai Jivanjee and Company Ltd, and Vantage Point Clearing and Forwarding Ltd.

Others are Modern Coast Road Transporters Ltd, Vantage Road Transporters Ltd, Modern Coast Express Ltd, and Modern Coast Courier Ltd.

Mutai further directed that Mrs. Akhtar and Mrs. Regine Butt, the widows, would each receive 6.25 percent of the property while Haroon Butt and two minors would receive 35% and 52% of the wealth respectively.

He added that seven parcels of land belonging to the deceased tycoon would be distributed among the family on the same percentage.

Of the four bank accounts in the UK, Bermuda, British Isles, and Imperial Bank Ltd, only the one in the UK was distributed among the family.

Finally, two vehicles belonging to the deceased billionaire were listed as property of the estate and would be distributed as per the formula used in distributing other assets.

The case will be mentioned on November 5.