Widow of Mombasa tycoon Shahid Pervez Butt seeks to control Sh5bn

Mr Shahid Butt in a Mombasa court, where he faced terrorism and incitement-to-violence charges on December, 27, 2013. He was shot dead on July 11. One of his widows is seeking to control his vast estate, estimated at Sh5 billion. FILE PHOTO | KEVIN ODIT |

What you need to know:

  • They want to manage his vast estate until a long-term administrator can be identified.
  • Mr Butt was gunned down on July 11 in Changamwe.

The battle for the control of close to Sh5 billion in assets belonging to Mombasa tycoon Shahid Pervez Butt, who was shot dead two months ago, has spilled into the courts.

His widow, Ms Regine Butt, and her mother, Mrs Roselinde Gudrun Ostertag, have petitioned the court to grant them letters of administration.

They want to manage his vast estate until a long-term administrator can be identified.

The petitioners argue that if granted the order, they would preserve the estate.

PROHIBIT SON

Ms Butt is also seeking to be paid Sh1.5 million a month from the bank accounts, incomes and profits of Modern Coast Express Limited and Vantage Road Transporters Limited for upkeep, maintenance and school fees.

In the suit filed at the High Court in Mombasa, the widow is also seeking to be paid Sh1.05 million each year from the two companies for school fees of her two children.

The petitioners are also seeking an order prohibiting Mr Butt’s son, Haroon Shahid, and his mother, Mrs Akhtar Shahid Butt, from drawing money in various accounts and selling, transferring, disposing of, leasing and dealing in a number of plots.

The two have been named as interested parties in the suit.

Ms Butt and her mother want a limited grant of letters of administration for the purpose only of collection, preservation and receiving the deceased’s assets to make limited provisions for the upkeep, maintenance, education, transport and daily necessities for her (wife) and children.

Among the assets listed in the petition are shares in the family business, Modern Coast Express Limited, Vantage Road Transporters, Blue Bell Properties and several parcels of land.

LEGAL DEPENDANTS

Ms Butt and her mother said they were the legal dependants and beneficiaries of the estate, hence were in law entitled to the grant of letters of administration.

“The petitioners are in the process of petitioning for full grants of letters of administration intestate in their joint names,” reads part of the petition.

They are also seeking an order to be issued to various financial institutions to deliver to them an up-to-date statement of Mr Butt’s accounts for purposes of taking an inventory of the assets of the deceased.

The financial institutions the petitioners are seeking the order against include Standard Chartered Bank's Treasury Square branch in Mombasa; Commerzbank in Berlin (German); and Imperial Bank Limited, Nyali Cinemax branch.

They are also seeking records of all bank accounts operated by the family business known as Modern Coast Express Limited, among others.

Ms Butt claims that she depended on the deceased for her daily needs and those of her children and is currently enduring dire financial constraints and needs to access Mr Butt’s bank accounts for school fees, food, transport and clothing.

“The deceased estate comprises of a vast business empire which needs urgent attention and administration to ensure it does not go to waste,” she and her mother say in the petition.

Lady Justice Maureen Odero said a chief’s letter was required, indicating the heirs and beneficiaries of the estate.

Mr Butt was gunned down on July 11 in Changamwe as he drove to Moi International Airport to pick up his son.