Karume's anchor property, Jacaranda Hotel, is the latest to face possible auction, a move likely to further cripple the business empire. Although Regent Auctioneers did not reveal the creditor behind the auction planned this month, sources confirmed that the sale is meant to recover a Sh In a fresh notice placed yesterday in a local daily, the auctioneer gave a detailed description of the property without revealing the value claimed.
The defaulted loan is far below the estimated valuation of the Jacaranda Hotel that is located in one of the most prime areas of Nairobi. The latest land rate report by Hass Consult puts an acre piece of land in Westlands at close to Sh million.
This means the land that accommodates the hotel alone is in the upwards of Sh million. The standoff was however settled in court after KRA agreed to a repayment plan of Sh50 million monthly instalments and a payoff of Sh7. The late entrepreneur who built his business empire from charcoal as detailed in his book Beyond Expectations: From Charcoal to Gold had 25 businesses in total. He started his first business in elementary school, where he began buying and reselling books, pencils and other stationery from a wholesale shop outside the school.
According to the Global Family Business Survey released in October last year by audit firm Deloitte, family business leaders in Kenya traditionally focus their strategy on a two to five year period and have no 10 or year plans. For Karume, his empire started shaking immediately he died on the morning of February 24, , at the Karen Hospital, leaving behind a Declaration of Trust dated May 3, , incorporating the Njenga Karume Trust.
His wealth has for the past six years become a battlefield between family members and trustees, yielding into multiple court tussles, slowed decision making for businesses, hence losses, loan defaults and tax arrears. In , the family was forced to sell a 17 per cent stake in the business to raise Sh2. The court had compelled the family and trustees to form a mediation council to help make quick, less costly and confidential decisions to keep the estate afloat.
Despite the formation of the mediation council, hostility between the two camps persisted. The fall of Njenga Karume's Sh40 billion empire. Register Sign In. Connect With Us. In Summary. Njenga Karume. While Jomo Kenyatta was still the Kenyan president, in , Karume joined number of other politicians including Kihika Kimani and Paul Ngei forming the "Change the Constitution Movement" attempting to change the Constitution of Kenya  such that then Vice-president Daniel arap Moi would not inherit the presidency upon Kenyatta's death.
This was to prevent a non- Kikuyu president. The movement did not last long. Attorney-General Charles Njonjo charged Karume and other leader of the movement with treason, as "they had imagined the death of the sitting president", which was forbidden by the Penal Code. President Kenyatta dropped the charges, but at the same time silenced the movement. At the National Delegates Conference in Kasarani in mid Karume moved a motion to repeal Section 2A of the Kenyan Constitution — that is, restoration of the multi-party system.
President Moi accepted the motion. He regained the parliamentary seat at the elections running again on DP ticket. He won the seat also at the elections. In December , when he was appointed the Minister of Defence. In they got married and had ten children Dr. He also married a second wife Margret Njeri Njenga in upon advice from his father in law that having two wives would help look after his empire. Karume had been having medical problems from late November He had been taken for chemotherapy treatment in India and returned on 1 January and was undergoing chemotherapy at the Aga Khan Hospital.
He was preparing to go to Israel for further treatment but a few days before leaving he developed an infection. He was admitted to the Karen Hospital on 17 February in poor health and as the week went on his condition deteriorated. In the early hours of the morning on 24 February , Njenga Karume was pronounced dead due to a cardiac arrest. He died days after his close friend and political ally John Michuki.
Before he died he had formed the Njenga Karume Trust which was designed to manage his inheritance. A board of trustees was chosen to manage these interests and it was led by George Ngugi Waireri as the chairman who is brother-in-law and managing director or Standsand Africa Limited, a tea exporting company.
Margaret Ndete his sister and who owns a successful chain of supermarkets, named Kamindi Selfridges, James Raymond Njenga who is his cousin and a retired businessman, his oldest living son Henry Waireri Karume who is a successful entrepreneur in the construction and supplies business, Kungu Gatabaki a long time friend and is currently a Chairman for Letshego he also appointed his Wife Grace Njoki Njenga as an overseer over his trust. From Wikipedia, the free encyclopedia. Kenyan businessman and politician.
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Before his demise, the ex-minister put all his wealth under three holding companies that were to be managed by the Njenga Karume Trust, which is under the trustees. The trustees were to see to it that all financial needs of the beneficiaries, including his widow, who was alive at the time, children and grandchildren, were catered for. Policewomen warned against wearing fancy hairstyles, colourful nail extensions.
What home-owners need to consider. Raila Odinga: My stand on the revenue sharing formula for counties. Michelle, who has died aged 26, is survived by her son, Jamal Karume Omore. Are you a Kenyan in the diaspora with a story to tell? There's no paperwork and no need to be an expert.
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