A three-judge bench has brought to an end an eight-year-old succession case involving two widows of slain Mombasa tycoon Shahid Pervez Butt and his son who were fighting for control of assets estimated to be valued at Sh5 billion.
The High Court bench comprising Justices Eric Ogola, Patrick Otieno and Njoki Mwangi distributed the properties to Mrs Akhtar Butt and her son Haroon Butt and Mrs Regine Butt and her two children who are minors.
Among the companies that were distributed between the late tycoon family members include Blue Bell Properties, Modern Coast Builders & Constructors, Pribhai Jivanjee and Company, and Vantage Point Clearing and Forwarding.
A three-judge bench has brought to an end an eight-year-old succession case involving two widows of slain Mombasa tycoon Shahid Pervez Butt and his son who were fighting for control of assets estimated to be valued at Sh5 billion.
The High Court bench comprising Justices Eric Ogola, Patrick Otieno and Njoki Mwangi distributed the properties to Mrs Akhtar Butt and her son Haroon Butt and Mrs Regine Butt and her two children who are minors.
Among the companies that were distributed between the late tycoon family members include 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 judges directed that Mrs Akhtar Butt and Mrs Regine Butt receive 6.25 percent each of the properties while Mr Haroon Butt will keep 35 percent and the two underage children 35 percent and 17 percent each.
The court further directed that seven parcels of land be distributed among them on the same percentage.
Four bank accounts in the UK, Bermuda, British Isles and Imperial Bank were listed in the suit documents. Only the one in the UK was distributed among them.
The court noted that a number of motor vehicles were said to belong to the tycoon. But according to the documents only two belonged to him.
According to the court, the two vehicles are available as property of the estate for distribution as per the formula used in distributing other assets.
“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),” ruled the judges.
The court rejected a plea by the grandmother of the minors Mrs Roselinde Gudrun Ostertag who is the mother to Regine Butt, to be appointed trustee over any bequest made to them (minors).
‘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,” ruled the three-judge bench.
They added that any assets of the late tycoon’s estate which may have been inadvertently left out of the confirmed list of assets of the estate shall be distributed using the formula they have used.
The court also noted that no evidence was placed before it to prove any impropriety on the part of the deceased in the way the companies and their finances were managed.
Mr Butt was gunned down by unknown people on July 11 2014 in Changamwe as he drove from Moi International Airport, Mombasa.
The ruling brings to an end a row that saw one of the widows evicted from her home.
