The Sh5 billion estate left by Modern Coast tycoon the late Shahid Pervez Butt has finally been distributed by the High Court, ending an 8-year succession battle.
Modern Coast billionaire's children inherit lion's share of his wealth
The two minors are now worth a combined Sh2.6 billion
Mr Butt was shot and killed in Changamwe on July 11, 2014, as he travelled from Mombasa's Moi International Airport.
Justices Eric Ogola, Patrick Otieno and Njoki Mwangi ruled that the property would be shared among Pervez’ two widows and his children.
The companies owned by the deceased included Blue Bell Properties, Modern Coast Builders & Constructors, Pribhai Jivanjee and Company, and Vantage Point Clearing and Forwarding.
Others are Modern Coast Road Transporters, Vantage Road Transporters, Modern Coast Express, and Modern Coast Courier.
The tycoon also operated bank accounts in the UK, Bermuda, the British Isles and Imperial Bank.
According to the judge’s ruling, Pervez’ first wife Akhtar Butt and her son Haroon Butt were granted 6.25% and 35% respectively.
Haroon was in charge of his father's massive wealth even before his death. His managerial skills have kept the various businesses founded by his late father afloat.
His other widow Regine Butt was also granted 6.25% while her two children who are minors got 17% and 35%.
The two minors are now worth a combined Sh2.6 billion. Their step sibling Haroon controls 35% which is about Sh1.75 billion.
“In accordance with the Muslim Law, Regine Butt and Haroon Butt be and are hereby appointed trustees of such bequests (property) as have been made herein in favour of the deceased’s children (two minors),” the ruling read in part.
The court also ordered that seven plots of land be allocated to them in the same proportion.
The court denied a request by the minors' grandmother, Mrs Roselinde Gudrun Ostertag, to be appointed trustee over the estate allocated to them.
“We decline the request by Roselinde Gudrun Ostertag and instead appoint Regine and Haroon as the trustees in guardianship of the two minors and their shares in the estate,” the judges ruled.
They also stated that any assets of the late tycoon's estate that were unintentionally left out of the estate's confirmed list of assets will be divided using the formula they provided.
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