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.
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