Wealth and Family –Court has given its verdict on how Modern Coast owner Shahid Pervez wealth will be shared among family members.
Pervez – owner Modern Coast Limited – was shot dead in 2014 leaving behind a sh 6 billion empire.
Fight over the multi-billion estate has been in court for 9 years, which has threatened to break some of his investments, especially in the transport sector.
The Modern Coast bus service has scheduled trips from the coastal city of Mombasa to other parts of the country and region including neighbouring Uganda, Rwanda, and Tanzania.
The beneficiaries of the multi-billion property are Akhtar Butt and her son Haroon Butt as well as Regine Butt and her two children who are minors.
The case had dragged on for years after Haroon Butt allegedly refused to cooperate on how various shares from the multi-billion empire would be transferred.
Regine Butt had earlier been given powers by the court to oversee the distribution of the wealth.
In her petition to the court, Regine regretted that Haroon was concealing some of the property that was supposed to be shared amongst the two families.
“Since the deceased died, the company remained in exclusive control of Haroon Butt in spite of the orders of the court which granted Regine Butt as an administrator,” the petition had read in part.
The multi-billion empire is made up of Blue Bell Properties Limited, Modern Coast Builders and Constructers Limited, and Pribhai Jivanjee and Company Limited.
Additionally, the two families will now share Vantage Point Clearing and Forwarding Limited which was also owned by the late Pervez.
Pervez was shot while driving to Mombasa City from Moi International Airport after his car was blocked by another vehicle.
In the ensuing commotion, gunmen from the other car opened fire spraying Pervez’s car with bullets.
By the time of his death, the tycoon was being investigated on charges of funding radicalisation of the Muslim youth.
He was due to appear in court the following month.
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