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RIP Njenga Karume
Rank: Member Joined: 9/2/2010 Posts: 845
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Huyu mzee nikama mali yake itamalizwa na hawa trustees. They clearly were not his friends but just hungry hyenas. Isnt Gatabaki already rich? 100K per sitting is madness. For a friend, you should be taking just your cost of transport and meals if at all. 5K should be more than enough. https://mobile.nation.co...em-1-50kr94z/index.html
Quote:Court documents show a troubled estate that is no longer paying its bills. In some instances, the trustees are borrowing from law firms to settle bills, barely six years after they took over management of the multi-million estate.
Last year, for instance, the Karume trust paid Jacaranda Holdings Sh37 million of the sales proceeds to settle PAYE and VAT arrears.
The trustees used Sh4.1 million on education of beneficiaries and Sh8 million on medical expenses of the beneficiaries.
Mr Warieri, who chairs the trust and his co-trustee Mr Gatabaki pocketed Sh19.6 million in responsibility allowances for the period beginning March 2015 to December 2017.
A further Sh17 million went into payment of the trustees’ sitting allowances, which accrues at the rate of Sh100, 000 per sitting.
The trust paid Sh18 million in accountancy fees and professional fees for valuation of the Njenga Karume Trust.
Three law firms were paid Sh29 million in legal fees and monthly retainers while Sh39 million was paid to the beneficiaries as grants.
The Karume children have accused the trustees of neglecting the beneficiaries, failing to settle fees or provide maintenance.
They further accuse the trustees of failing to promote maintenance, education and advancement in life of beneficiaries, which is the sole objective of the trust.
Karume had initially appointed Court of Appeal judge Paul Kihara Kariuki as chairman of the Trust but he resigned shortly after the demise of the former minister.
“After the resignation of Justice Paul Kihara Kariuki as a trustee of the Njenga Karume Trust, the then or existing trustees of the Njenga Karume Trust failed to adhere to the intention and wishes of the founder by refusing to consider any of the beneficiaries of the Trust. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Elder Joined: 12/7/2012 Posts: 11,937
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innairobi wrote:Huyu mzee nikama mali yake itamalizwa na hawa trustees. They clearly were not his friends but just hungry hyenas. Isnt Gatabaki already rich? 100K per sitting is madness. For a friend, you should be taking just your cost of transport and meals if at all. 5K should be more than enough. https://mobile.nation.co...em-1-50kr94z/index.html
Quote:Court documents show a troubled estate that is no longer paying its bills. In some instances, the trustees are borrowing from law firms to settle bills, barely six years after they took over management of the multi-million estate.
Last year, for instance, the Karume trust paid Jacaranda Holdings Sh37 million of the sales proceeds to settle PAYE and VAT arrears.
The trustees used Sh4.1 million on education of beneficiaries and Sh8 million on medical expenses of the beneficiaries.
Mr Warieri, who chairs the trust and his co-trustee Mr Gatabaki pocketed Sh19.6 million in responsibility allowances for the period beginning March 2015 to December 2017.
A further Sh17 million went into payment of the trustees’ sitting allowances, which accrues at the rate of Sh100, 000 per sitting.
The trust paid Sh18 million in accountancy fees and professional fees for valuation of the Njenga Karume Trust.
Three law firms were paid Sh29 million in legal fees and monthly retainers while Sh39 million was paid to the beneficiaries as grants.
The Karume children have accused the trustees of neglecting the beneficiaries, failing to settle fees or provide maintenance.
They further accuse the trustees of failing to promote maintenance, education and advancement in life of beneficiaries, which is the sole objective of the trust.
Karume had initially appointed Court of Appeal judge Paul Kihara Kariuki as chairman of the Trust but he resigned shortly after the demise of the former minister.
“After the resignation of Justice Paul Kihara Kariuki as a trustee of the Njenga Karume Trust, the then or existing trustees of the Njenga Karume Trust failed to adhere to the intention and wishes of the founder by refusing to consider any of the beneficiaries of the Trust. The kids better divide the little left and run!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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Angelica _ann wrote:innairobi wrote:Huyu mzee nikama mali yake itamalizwa na hawa trustees. They clearly were not his friends but just hungry hyenas. Isnt Gatabaki already rich? 100K per sitting is madness. For a friend, you should be taking just your cost of transport and meals if at all. 5K should be more than enough. https://mobile.nation.co...em-1-50kr94z/index.html
Quote:Court documents show a troubled estate that is no longer paying its bills. In some instances, the trustees are borrowing from law firms to settle bills, barely six years after they took over management of the multi-million estate.
Last year, for instance, the Karume trust paid Jacaranda Holdings Sh37 million of the sales proceeds to settle PAYE and VAT arrears.
The trustees used Sh4.1 million on education of beneficiaries and Sh8 million on medical expenses of the beneficiaries.
Mr Warieri, who chairs the trust and his co-trustee Mr Gatabaki pocketed Sh19.6 million in responsibility allowances for the period beginning March 2015 to December 2017.
A further Sh17 million went into payment of the trustees’ sitting allowances, which accrues at the rate of Sh100, 000 per sitting.
The trust paid Sh18 million in accountancy fees and professional fees for valuation of the Njenga Karume Trust.
Three law firms were paid Sh29 million in legal fees and monthly retainers while Sh39 million was paid to the beneficiaries as grants.
The Karume children have accused the trustees of neglecting the beneficiaries, failing to settle fees or provide maintenance.
They further accuse the trustees of failing to promote maintenance, education and advancement in life of beneficiaries, which is the sole objective of the trust.
Karume had initially appointed Court of Appeal judge Paul Kihara Kariuki as chairman of the Trust but he resigned shortly after the demise of the former minister.
“After the resignation of Justice Paul Kihara Kariuki as a trustee of the Njenga Karume Trust, the then or existing trustees of the Njenga Karume Trust failed to adhere to the intention and wishes of the founder by refusing to consider any of the beneficiaries of the Trust. The kids better divide the little left and run!!! A perfect case of hyenas taking charge to shepherd a flock. A further Sh17 million went into payment of the trustees’ sitting allowances, which accrues at the rate of Sh100, 000 per sitting."Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Member Joined: 9/2/2010 Posts: 845
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ni kubaya. is this why it's said huge wealth rarely gets to the 4th generation? All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Elder Joined: 10/4/2006 Posts: 13,823 Location: Nairobi
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innairobi wrote:ni kubaya. is this why it's said huge wealth rarely gets to the 4th generation?
All Mushrooms are edible! Some Mushroom are only edible ONCE!
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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masukuma wrote:innairobi wrote:ni kubaya. is this why it's said huge wealth rarely gets to the 4th generation?
But Karume handed the wealth to "Trustees" one member being Kungu Gatabaki, so really who is misusing this wealth? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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murchr wrote:masukuma wrote:innairobi wrote:ni kubaya. is this why it's said huge wealth rarely gets to the 4th generation?
But Karume handed the wealth to "Trustees" one member being Kungu Gatabaki, so really who is misusing this wealth? Surely,not his shudren.  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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Tommy wrote:callaspade wrote:
... muthichana......
 , r.i.p mzee. Its a life well lived and worth celebrating.
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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