Njenga Karume’s children have landed a major victory after a court ruled to remove trustees running his multi-billion shilling empire.
The court removed the trustees of their father’s estate over lack of accountability – among them was the late tycoon’s sister Margaret Nduta Kamithi.
Also kicked out of the Njenga Karume Trust and the Njenga Karume Trust Registered Trustees are former Capital Markets Authority Chairman Kung’u Katabaki and George Ngugi Waireri.
In a ruling issued on Friday, May 8, the judge declared that the interest of the plaintiffs and the beneficiaries would be best served with the removal of the trustees.
The trustees were further directed to give an account of all transacations undertaken, payments made and funds received and expenditures incurred on behalf off the Njenga Karume Trust since 24th February 2012 to date.
“Upon such accounts being rendered, the court shall determine whether there was any dishonesty on the part of the trustee in their dealings with the trust assets and indemnity of the trust shall be ordered only after such evidence discloses dishonesty on the part of the trustees,” the ruling read.
Lawyer James Kamau was directed to supervise the exit process for the removed trustees who were ordered to prepare and file in the said accounts within 180 days of issue of the order.
Members of the Njenga Karume family and trustees running the late tycoon’s business have been fighting since 2015 over control of the vast empire.
In January, the Jacaranda Hotel, a four-star hotel located in the serene suburbs of Westlands, Nairobi that is owned by the family was put up for auction to facilitate the recovery of a Ksh257.6 million loan owed to a bank.
