Idle Assets Belonging to Naivas Founder Surrendered to State

May 7, 2019

The Treasury has taken over the assets of Naivas Supermarkets founder Peter Mukuha Kago, who died on May 6, 2010.

The Unclaimed Financial Assets Authority (UFAA) said it was holding Safaricom and Sasini shares and dividends belonging to the late businessman.

Mukuha’s Safaricom shares were surrendered to the authority in 2014, Business Daily reports. Dividends from 2015 to last year were also taken over as the family of the businessman battled for his wealth in court.

Sasini, one of Kenya’s major tea and coffee producers, also transferred shares and dividends belonging to the Naivas founder in 2017.

The Naivas patriarch joins a growing list of prominent public figures whose shares in companies listed at the Nairobi Stock Exchange have been surrendered to the State.

They include Barack Hussein Obama, the father of the former US president, Lena Moi, whom former President Moi divorced in 1974, and Lucy Kibaki, wife of retired President Mwai Kibaki.

A source at UFAA reportedly told Business Daily that families of the known public figures are yet to present wills or letters of administration(court permits to administer the estate of someone who has died without making a will).

“It difficult to reunite assets with families fighting over wealth in cases where there is no will or the will is contested,” the anonymous source is quoted.

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