Njenga Karume’s family picks new trustees
Former Cabinet minister Njenga Karume. His family has appointed new trustees to manage his multibillion-shilling estate.
What you need to know:
- The family also announced that it is committed to support the trustees to perform their duties according to the terms spelt out in the Trust Deed.
A section of the family of the former Cabinet minister was dissatisfied with the manner in which some of the trustees were conducting the affairs of the Trust.
The battle over control of former Cabinet minister Njenga Karume’s multi-billion-shilling estate had ended, at least for now. The family has appointed four new trustees to manage the former minister's vast estate.
In a press statement on Friday, the family resolved to ensure the interests of the Trust and all its beneficiaries are achieved.
“The issues witnessed in the past have now been conclusively resolved. The family has adopted an inclusive approach in order to build trust and foster a spirit of togetherness,” said the statement.
The statement was signed by Mrs Grace Njoki Njenga, Dr Fransica Wanjiku Kahiu, Mr Samuel Wanjema Karume and Mr Jesc Njenga on behalf of the family.
The new trustees will be led by Mr Kuria Muchiru as chairman. Mr Mucheru is a retired partner of PricewaterhouseCoopers (PwC). According to the Trust Deed documents, the chairman is not a beneficiary
Others are Ms Lucy Karume and Henry Waireri Karume who will represent the family and lawyer Rachael Mbai.
The family also announced that it is committed to support the trustees to perform their duties according to the terms spelt out in the Trust Deed.
Business empire
“We are confident as a family that the new lineup of trustees will turn around the business empire left by the founder and grow it to the level envisaged by the founder,” read part of the statement
A section of the family of the former Cabinet minister was dissatisfied with the manner in which some of the trustees were conducting the affairs of the Trust.
They then files a case in court to remove the trustees.
“I’m a strong believer in managing inter-generational transfer of wealth through sustainable family owned entities. The step that was taken by Njenga Karume in setting up the Trust is commendable, and I look forward to assisting the Trust achieve its objectives while working closely with the beneficiaries," said Mr Muchiru.
"I would like to thank God for guiding us through this process of the appointment of new trustees that will ensure that the assets, generated from the hard work of my late parents, Wariara Njenga Karume and Njenga Karume, are preserved and that the vision of our late father in setting up the Trust is realised. I’m humbled for having been selected to represent my family in the Trust and I will ensure that my parents' vision in relation to proper management and growth of the family business is honoured,” said Ms Lucy Wanjiru Karume.
The family also thanked the courts for ensuring harmony and trust within the family was maintained during the rigorous succession battle.
