The Sh5bn empire that slain Modern Coast owner Shahid Pervez Butt built
Slain Mombasa tycoon Shahid Pervez Butt. The widow of the late tycoon wants a law firm barred from representing his son and mother in a property dispute. FILE PHOTO |
What you need to know:
- He was gunned down on July 11 in Changamwe.
- The businessman had interests in the local and regional transport and real estate sectors among others.
- He had several off-shore savings and investment portfolios in some of the leading financial capitals.
- His liabilities have not been ascertained. His assets have been estimated at Sh5 billion.
Before he died in a hail of bullets two and a half months ago, Mombasa tycoon Shahid Pervez Butt ran a secretive business empire, part of which was set up in the tax havens of the West, including the island of Jersey.
The true nature of Mr Butt’s wealth — estimated at Sh5 billion — is shrouded in secrecy, and the businessman himself was only occasionally brought to the limelight by disputes involving his commercial interests or criminal charges in court.
Before his death on July 11, he was battling charges related to bankrolling terrorism and incitement to violence preferred against him by the government.
But the structure of Mr Butt’s vast estate can now be partly revealed after his widow, Regine Butt, and her mother moved to court early this month seeking to settle a property dispute with his first wife and her son. (READ: Coast Bus: Butt widow in court over Sh5bn estate)
The case puts the empire Mr Butt built at the centre of one of Kenya’s biggest estate battles in recent years.
