17.6 C
Tuesday, May 21, 2024

Kigen Moi: Little Known Gideon Moi’s Son At The Helm Of Multi-billion Power Plant Sosian Energy

Kigen Moi is the company director of Sosian Energy  Gideon Moi's first born is an alumnus of Bristol University in England  Over the weekend,...

The Top Five Tailors In Kenya

HomenewsStanley Githunguri: How Billionaire Businessman Distributed His Ksh 1.8 Billion Wealth

Stanley Githunguri: How Billionaire Businessman Distributed His Ksh 1.8 Billion Wealth

Stanley Githinguri, a Kenyan politician and businessman died in November 2022, aged 77.

According to court documents, the business mogul was worth 1.8 billion, and owned a 9.6 acre-property in Karen worth Ksh 700 million.

Following his death, his multi-billion shillings empire will now be shared between his six children; Claire Njeri, Lilian Wanjiru, Joan Nyawira, Lilian Joy Nyagaki, Joseph Githunguri and Francis Wanjihia.

In this article, WoK looks at how the departed tycoon distributed his wealth.

In the documents before Justice Grace Sitati, Githunguri appointed his daughters, Njeri and Nyagaki as executors of his will and trustees of his estate.

In the will, the late tycoon instructed that his children should not sell the property in Kenya but instead let their mother, Elizabeth Karungari live in it. 

Githunguri indicated that anyone who will challenge the will will loose their share of wealth; it will be assumed that the child, the child’s spouse and descendants had passed before him.

“The interest of a hostile beneficiary and of his or her spouse and descendants shall immediately terminate but without prejudice to any prior distribution of income or capital, and such interest shall devolve as if the hostile beneficiary his or her spouse and descendants had predeceased me

“For the purposes of this clause 17, any beneficiary under this will who brings legal proceedings or initiates any other form of legal process in any jurisdiction which is based on a challenge to the validity of this will become a hostile beneficiary,” Githunguri noted.

He noted that he had one wife and six children.

As such he entrusted his two daughters to settle his debts and funeral expenses estimated to be Ksh 20 million.

At the same time, Githunguri left his Limuru town property to his sister, Rosemary Wanjiku, and directed that his son, Kelvin, would take over in the event she passed.

Wanjiki is, however, not allowed to sell the property or transfer it to another person, adding that the property shall be managed by the trustees.

“I direct that my sister be permitted to enjoy her right of occupation of the small house currently in her possession,” he said in the will.

The former politician’s two other sisters, Rose Wanjiku and Serah Njoki were given a property at Kihara market in Kiambu County.

While Githunguri ordered that his three properties in Kajiado County be sold, he left properties in Spring Valley, Nairobi County to all his children.

On proceeds of the Kajiado property, his children will receive Ksh 3 million on a quarterly basis until the money is exhausted.

The tycoon also put his shares in Munga Holdings Ltd, Mukawa Holdings Ltd, East Africa Breweries Ltd, Nation Media Group, Geminia Insurance Company, Gikoi Development Company Ltd, Hard Rock Holdings Ltd, Lilian (Holdings) Ltd and Taurus Estate under SM Githunguri Ltd.

In Mukawa Holdings he had 58,000 shares worth Ksh 5.8 million, while in EABL, had shares worth Ksh 1.3 million.

In Tassia Coffee Estate Ltd, he held 19,754 shares amounting to Ksh 395,080 while in Geminia Insurance Company Ltd, he has interests worth Ksh 251 million and shares worth Ksh 100 million in Geminia Life Insurance.

His bank accounts in Barclays Bank, Kenya Commercial Bank, Bank of Africa and Family Bank, National Bank were also left under the aforementioned company.

At the same time, Githunguri left his shares at Barclays Bank worth Ksh 442,631 to Serah Njoki and Rosemary Wanjiku and they will be split equally.

Although he entrusted Nyagaki and Njeri as trustees, they are allowed to buy any portion of his estate through a private agreement or a public auction.

While their word is final, Githunguri added that the two will determine whether the money generated from his estate is income or capital and apportion the same.

Elsewhere, he placed five properties in Lower Kabete, two in Muthaiga, one at Lavington, three along University Way, one in Lang’ata-Uhuru Gardens and Mombasa under the MM Githunguri Ltd.

He also placed properties in Lang’ata, Ngong Road, Kwale, Limuru Farm and 11 properties in Kiambaa under the same company.

“…if any of the children should fail to attain a vested interest in his or her share and fails to leave any issue, then his or her share shall accrue to the share of the other of the surviving of their direct offspring and in the event that they have no surviving child at the time of death, then to my surviving children,” he wrote.