The trustees of the multi-billion shillings estate of former Cabinet Minister Simeon Nyachae has started the formal process of distributing his assets to beneficiaries cited in his Will.

The late Nyachae, who died in February after a long illness, was one of the wealthiest Kenyans, with interests cutting across the local economy. He also had assets outside the country.

In a notice in the Kenya Gazette published last Friday, three of his children – Charles, Angela and Eric — have notified the public of their intention to distribute the assets, asking those who believe they are entitled to a share to contact them.

“Those who think they are entitled should send their claim or interest on or before the expiry of two calendar months from the date this notice shall appear in the Kenya Gazette,” the trio said in the notice that was published on September 10, 2021.

After the notice expires, the family said Mr Nyachae’s estate will be distributed among those entitled to it.

Submit claims

The notice directs all those who believe they have a claim or interest to submit the same through the Daly and Inamdar Advocates who have offices at ABC Place along Waiyaki Way in Westlands, Nairobi.

The former minister, who was among a group of local billionaire investors with significant stakes in listed companies, controlled a vast business empire with interests in manufacturing, transport, and large-scale agriculture.

But he seemed to have an inclination to banking and milling.

My Nyachae had 3.1 million shares in CBA Bank, which ensured he was one of the leading owners of the recently created NCBA Group after the merger with NIC Bank.

At one time, the Unclaimed Financial Assets Authority listed the former Cabinet minister as among those whose docile shares in KCB, Safaricom   and Co-operative Bank had been forwarded to the agency.

Mr Nyachae was a shareholder at Swan Millers and Sansora Limited, milling businesses that echoed his 1954 Sansora Bakery operations at Nyantunango Market.

At NCBA, Mr Nyachae owned a stake alongside Naushad Merali and the families of Kenya’s founding President Mzee Jomo Kenyatta and former Central Bank of Kenya governor Philip Ndegwa.

At Transnational Bank, he was among close associates of former President Moi, including Joshua Kulei and former Vice President George Saitoti.

He also kept the business in the family, with his wife Grace Nyachae sitting in the boards of Credit Bank, Sotik Tea Company Limited and Sansora Group.

Grace served as Mzee Kenyatta’s secretary at State House in 1969.

By Nation Africa

Facebook Comments