Koinange’s Property: The family of the late Mbiyu Koinange is now set to share a Sh. 10 billion estate. This is after one of Mbiyu’s daughters gave up a court battle against part of the estate. Ms. Lennah Wanjiku has dropped her plans to appeal a court ruling that ordered her to surrender 88 acres of land adjacent to Two-Rivers Mall in Nairobi.
According to her lawyer Ochieng Oduol, Ms. Wanjiku has dropped the appeal to avoid further delay to the distribution of the Mbiyu’s wealth. This will effectively bring to an end a succession battle that has lasted for some 38 years.
“Our client will be asking the court to offer her preference over the property during the distribution of the assets. Every one knows she has developed it and that is where she resides. We will return the title to court as directed,” Mr. Oduol was quoted in the Business Daily.
Koinange’s fourth wife, Eddah Wanjiru Mbiyu had sued to have Wanjiku, return 88 acres of land situated next to the Two Rivers mall. The land is estimated to be worth Sh. 1.4 billion.
How Mbiyu Koinange’s Sh. 17.4 billion estate was shared among his family
Ms. Eddah Wanjiru was being backed by the majority of the family members. She had also sought that the court stops the distribution of Mbiyu’s wealth until the land is returned.
Apparently, said Mrs. Mbiyu, the 88 acres were hived off land that was sold to Centum Investment for the construction of Two Rivers without the knowledge of the family or administrators of the estate.
But Ms. Wanjiku refuted this and said that the family was aware of her stay on the 88 acres after she was forcefully evicted from the Two Rivers land. She argued that she had already made investments worth Sh. 450 million in the property. Strikingly, Ms. Wanjiku had also said that if the court allows her to stay on the property, she would willingly surrender other assets that are due to her with the distribution order.
The disputed Mbiyu Koinange’s property includes one of the biggest undeveloped plots in the Nairobi CBD, a Sh. 2 billion holding next to the Reinsurance Plaza. There are also shares in numerous firms, including Magadi Soda, BAT, Centum and Limuru Dairy as well multi-billion shilling land and buildings in Kiambu, Nakuru and Mombasa.