Billionare Media boss S.K Macharia is in court seeking orders to become his grandson’s guardian, to take over the management of the seventeen-year old’s multi-million inheritance.
At stake is a Sh389 million life insurance, a pension payout whose beneficiary is the grandson, Adam Kamau Macharia as per the deceased father’s wish, and a multi-million estate left behind by S.K’s late son John Gichia Macharia who according to court documents had no relationship with the tycoon at the time of his death.
SK, who owns Royal Media Services (RMS), in the originating summons, asks the court to appoint him as guardian to Adam Kamau Gichia jointly with his mother Lisa Anyango Amenya, and appoint him solely as the guardian of the estate of his grandson.
Under Section 38 of the Law of Succession Act, the said Adam Kamau Gichia is the heir of his late father’s property which include 600,000 shares in AKM Investments Ltd that owns Kyuna estate L.R No. 209/7799, Mugumo Estate L.R. No. 7752/258, Kibarage estate L.R No 7752/258, 3.7 million shares in DirectLine Assurance Limited, 500 shares in Serenity Media Productions, 350 shares in Big Five Conservancy Limited, 500 shares in Bushfire Media Distributors, as well as shares in Big Five Lotto, Toi Development Limited and Harbour Capital Limited.
The child in this suit is 17 years old and therefore in need for a guardian to promote his welfare. The parents of the said Adam Kamau Gichia are the late John Gichia Macharia and Lisa Anyango Amenya; they were not married. The said minor’s father was a member of a group insurance policy taken with Jubilee Assurance Company and was a member of a pension fund. In both, he had named the said minor as the sole beneficiary. Following his death, the minor has become the owner of Sh314,992,768 under the group policy and Sh67,000,000 under the pension scheme. There is therefore a need for a guardian to receive the money and manage it for the benefit of the said minor,” the tycoon say in the suit.
The billionaire businessman says that as the grandfather of the minor, he is well placed to serve as the guardian of both the minor as a person jointly with the mother and also serve as a guardian to the minor’s estate.