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Moi's Sh520 million stake in local bank changes ownership

The shares worth Sh520 million were transferred to a firm associated with the wife of his least famous son

File image of retired President Daniel Moi with Gideon Moi

Shares worth Sh520 million held in a local by the late former President Daniel Moi have now changed hands to Eunice Kibiwot Moi.

According to documents filed with the Capital Markets Authority, the shares in Standard Chartered bank were previously held through Moi’s investment vehicle Kabarak Limited

The shares were transferred to Shawmut Limited, where Eunice, the wife of Moi’s son John Mark, is a director.

John Mark is the least known of Moi’s son such that his picture is a rare thing to get.

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The Sh520 million shares represent a 1.03% stake in the bank.

Philip Moi and his son also own shares worth Sh60 million at the same financial institution. He is the third-largest local individual shareholder.

About 73.82 per cent of the bank is owned by the British parent company, while the Moi family owns a combined 1.14%.

Last year, the bank recorded an Sh9.04 billion profit. In the dividend payout, the family received Sh60.312 million.

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According to court documents, Moi left Sh100 million cash for each of his daughters; Jenifer Chemutai Moi, Doris Chekorir Moi and June Chebet Moi.

The late former head of state also bequeathed a 931-hectare tract of land to the Trustees of Kabarak University for the benefit of his five sons.

Jonathan Kipkemboi Moi, Raymond Moi, John Mark Moi, Philip Moi and Gideon Moi have an equal share to use during their lifetime as well as their children.

Moi wrote his will in 2010, ten years before he died on February 4, 2020.

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The will executor is his lawyer Zehrabanu Janmohamed who also serves as a non-executive director of Standard Group Plc.

Zehrabanu is an Advocate of the High Court of Kenya and a Barrister at Lincolns Inn (UK) with over twenty (20) years of legal professional experience, according to Reuters.

She works as an advocate with Archer & Wilcock Advocates and is a member of the company finance and audit Committees and its Human Resources and Remuneration Committees.

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