The sibling rivalry at Naivas Supermarkets has taken a new turn after the High Court allowed five children of the retail chain’s founder to auction a store belonging to their eldest brother Newton Nyoro Mukuha over a multi-million-shilling debt.
High Court judge Fred Ochieng gave the green light to the younger siblings — who control Naivas — to recover Sh12.1 million from Mr Nyoro’s Greenmart Supermarket in Nairobi’s Kayole estate. The debt originated from supplies delivered to the store six years ago.
[ATTACH=full]313074[/ATTACH] David Mukuha, of one the sons of Naivas founder Peter Mukuha. Five of the Mukuha brothers
and sisters have been given the green light by the High Court to auction a store belonging to their eldest brother,
Newton Nyoro, over a debt
Mr Nyoro’s younger brothers and sisters — Simon Gashwe, David Kimani, Peter Kago, Grace Wamboi and Linet Wairimu — told the court that Naivas had supplied their elder brother with stocks worth Sh46.3 million between 2008 and 2009 but he had refused to settle the debt.
“This court has seen through the deliberate and mischievous actions of Newton Nyoro Mukuha. He incurred debts in the name of the business that he was running,” said the judge.
“I find and hold that if the court stopped the process of execution that would be tantamount to assisting the defendant (Mr Nyoro) run away from his legal obligations. I refuse to do so.”
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[li][LIST][/li][li]High Court judge Fred Ochieng gave the green light to the younger siblings — who control Naivas — to recover Sh12.1 million from Mr Nyoro’s Greenmart Supermarket in Nairobi’s Kayole estate.[/li][li]The siblings told the court that Naivas had supplied their elder brother with stocks worth Sh46.3 million between 2008 and 2009 but he had refused to settle the debt.[/li][li]The younger siblings further accused Mr Nyoro of siphoning Sh230,000 from the Rongai store, leading to his arrest.[/li][/ul]
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Mwafrika should never grow up in opulence and abundance. Anastahili tu agrow up kwa enough baadae ajitaftie yake otherwise akiachiwa amanage ataikula kuimaliza. I know there are few cases but it is extremely rare to hear of a surviving Kenyan business after the owner passed away
Very true in Luo land.
While at home some time last year we discussed this subject while talking about looting Governors.
I told them it doesn’t matter how much they loot- once they die all those stolen loots will melt away in thin air.
I then asked those doubting to count at least 2 rich people who passed away more than 5 years ago and their families were still holding wealth.
I knew everyone would mention the Odingas. They could not name even one.
A solution might be taking these companies public before the founders die. List them on stock exchange. Then the other investors will scrutinize the books keenly && should not have majority shareholders. But then pia inakaa the nairobi stock exchange isnt any bettter
They can’t make it in exchanges because their accounts have to be audited. There in you discover a lot of irregularities eg pilfering of funds, mismanagement , poor decision making, laundering, etc.
I just read about them and its very sad. Part of the problem seems to stem from moving of wealth to trustees and not the children directly. But I think someone needs to do research on this inheritance stuff. It’s the same venye a parent leaves 5 acres to 10 children in ocha and they will kill each other over that.
Africans have proved to be unreliable when it comes to maintaining and sustaining inheritance. But it all goes back to the parents.they don’t provide good mentorship at a tender age like the Asian, instead they spoil their little brats with hefty allowances every week
