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Tuesday, March 31, 2020

Chris Kirubi’s Two Rivers at centre of Mbiyu Koinange inheritance battle

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Two Rivers Mall Kenya: A prominent Nairobi mall that is associated with billionaire industrialist Chris Kirubi is at the heart of a property battle pitting members of of the Mbiyu Koinange family. This is after one of the widows of the late minister Mbiyu Koinange applied for the re-surveying of a parcel of land sold by the family to Kirubi’s Centum Ltd.

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The Two Rivers Mall now stands at the piece of land. The reapplication comes as the latest hurdle in a long standing family property battle that has derailed the distribution of the late Koinange’s multi billion assets.

In an affidavit Ms. Eddah Wanjiru Mbiyu said a re-survey of the land sold to three parties among them Centum will assist in establishing the proper acreage available for distribution.

“Some members of the Koinange family, which is locked in vicious court fight over multi-billion shilling assets are questioning the size of the land sold to Centum. Centum bought land worth Sh. 1.1 billion in 2010 and used the property to build the Two Rivers Mall,” says a report that appeared in the Business Daily.

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Apparently, Ms. Wanjiru claims that Centum bought in excess of the quoted 100 acres. “The Two Rivers land was under a property dubbed Closeburn, which had 600 acres that has recently been subdivided. About 260 acres of the property were sold to an international investment group and another 100 acres to Centum Investment. The remaining 240 acres are valued at Sh. 2.88 billion. The daughter of Koinange, Lenah, was accused of hiving off another 88 acres of land adjacent to Two-Rivers Mall—which is considered the juiciest assets among the properties of the late minister,” says the BD report.

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