Investigations
Simeon Nyachae Wealth: Court Adjourns Late Minister’s Succession Hearing, Delaying Estate Division
Simeon Nyachae Wealth: The succession hearing for the late Moi-era Cabinet Minister S. Nyachae has been adjourned by High Court Judge Erick Ogolla to July 25, 2023. The family will have to wait longer to divide Nyachae’s multi-billion estate.
A woman named Margaret Chweya Nyachae, who claims to have been married to Nyachae, has filed a petition to be included in his inheritance. She alleges that the late minister’s will was changed after his death.
Ronny Nyachae, Margaret’s son, has urged the court to take swift action. He expressed his desire for justice and a peaceful resolution for the family, despite the challenges they face in coming together.
Margaret has vehemently denied the accusation of being married to four men.
Nyachae, aged 88, passed away in February 2021 at Nairobi Hospital after a prolonged illness. At the time of his death, he had five wives and 20 children. His first wife, Esther, had passed away in August 2016 after a long illness.
Simeon Nyachae Wealth
The late Nyachae, a former minister, was part of a group of local billionaire investors who held significant stakes in listed companies. He controlled a vast business empire with interests in manufacturing, transport, and large-scale agriculture.
Nyachae possessed 3.1 million shares in CBA Bank, making him one of the prominent owners of the recently merged NCBA Group, which included NIC Bank.
Additionally, Nyachae held shares in Swan Millers and Sansora Limited, milling businesses reminiscent of his 1954 Sansora Bakery operations at Nyantunango Market. He had a diverse range of investments across the local economy and also owned assets outside the country.
The late Nyachae passed away in February 2021 after a prolonged illness. He was recognized as one of the wealthiest individuals in Kenya due to his extensive business ventures and investments.
Simeon Nyachae’s Family Fight Over Sh 2b Wealth
The former Finance minister passed away at Nairobi Hospital after a lengthy struggle with an undisclosed illness. Nyachae served in the government for a remarkable period from 1963 to 2007, amassing a wealth exceeding Sh 2 billion.
Before his death, he had prepared a will outlining the distribution of his wealth.
In his will, the late minister assigned his children Charles Nyachae, Angela Nyarangi, and Erick Maina as executors and trustees of his estate. However, the execution of the will has encountered obstacles.
Reports from local sources indicate that Charles Nyachae, who is a judge at the East African Court of Justice, intends to exclude his stepbrother Leone and stepmother Grace Nyachae from managing the estate.
Through his lawyer Jotham Arwa, Charles filed an application in court seeking to bar the duo from administering the wealth. He argued that the court had granted him, along with Angela and Erick, the responsibility of fulfilling their father’s final wishes. Despite this, Grace and Leone have continued to oversee the estate, much to Charles’s discontent.
The judge alleged that the two individuals unlawfully collected dividends from their father’s investments without providing an account of the funds. Furthermore, he claimed that they have not fulfilled their tax obligations as required by the law. In response, Grace and Leone refuted these allegations, stating that they solely managed the estate during Nyachae’s lifetime.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Awarding Honorary Degrees in Kenya: Why Does the Process Favor Politicians?
Mombasa Tycoon Imran Khosla Son Marries in Lavish Wedding with President Ruto Among Guests
Cartels Behind Cement Theft In Athi River Exposed
Taleb al Abdulmohsen, The Saudi Ex-Muslim Psychiatrist Behind Magdeburg Christmas Market Attack In Germany
The Student Who Blew Whistle On Kenya Airport Controversy
High Court Suspends President Ruto’s New University Funding Model
Intern Doctors To Earn Sh206,000 Salary In New Deal With Govt
Malaysia Approves New Search For Missing Flight MH370
Alleged Love Affair Between Senator Gloria Orwoba And Former Ghanaian President Revealed
Man Kills Wife, 2 Children Over Suspected Affair With Father In Kisii
How Somali Cartel Controls the Kenya Roads Board
Behind Scenes: How The U.S. Forced Ruto To Cancel Deals With Adani In The Last Minute
KMTC Student Stabbed To Death By Girlfriend
KURA DG Kinoti On The Spot For Sh687M Overpayment To A Notorious Cowboy Contractor
Disquiet, Divisions and Confusion In The Judiciary After Justice Isaac Lenaola’s Remarks on Gachagua’s Case Tampering
Zetech University Student Commits Suicide In Thika, Blames Female Lecturer
‘Judge Has Spoken’ Illegal Nairobi Developers Celebrates Judgment
EXPOSED: Gold Smuggling Syndicate Exposed In Kenya
Anguka Nayo Music Video With Over 8M Views Taken Down From Youtube
Inside Assad’s Final Hours In Syria And How He Secretly Fled To Moscow, Abandoning Relatives And Officials
-
News2 weeks agoZetech University Student Commits Suicide In Thika, Blames Female Lecturer
-
News1 week ago‘Judge Has Spoken’ Illegal Nairobi Developers Celebrates Judgment
-
Entertainment1 week agoAnguka Nayo Music Video With Over 8M Views Taken Down From Youtube
-
News1 week agoInside Assad’s Final Hours In Syria And How He Secretly Fled To Moscow, Abandoning Relatives And Officials
-
News2 weeks agoPrime Suspect In Murder Of Kirinyaga University Student ‘Akoko Sirkal’ The Billionaire Arrested
-
News2 weeks agoMabubu: Sudi, Aladwa Among The Laziest MPs Who Never Spoke In Parliament In 2024
-
News1 week agoFive Men Detained In Kidnap And Defilement Of Juvenile At A Airbnb
-
News2 weeks agoGoogle Releases Kenya’s 2024 Year In Search Lists