Fresh valuation raises Fai Amario property worth to Sh900 million

Businessman Fai Amario. [File, Standard]

A fresh valuation of the estate of deceased controversial businessman Fai Amario now puts its worth at Sh900 million.

The valuation report ordered by the court on the business empire unearthed more property that had not been included in an inventory that had put the estate’s value at Sh487 million as of September 1, 2016.

The report notes that the value of the estate also shot up because of the development in the country, land value appreciation and economic growth.  

From breweries to real estate, the report by Dantu Valuers Limited forms part of the evidence in a succession case in which a woman claiming to be Amario's widow is battling for a share of the estate.

High Court judge Teresia Matheka had on October 9, 2020, ordered a new valuation report to be prepared by the administrators of the estate, following a successful application by Bernice Njeri who is claiming to be the businessman’s widow.

In her application Njeri claimed that Amario Limited was not included in the assets.

She said that a plot in Thika had been left out of the inventory filed in court by those who applied to be administrators of the estate.

Amario, alias Peter Gilbert Njoroge, was among the first major suppliers of cheap vodka, wine and spirits in Naivasha. He died intestate on May 23, 2010, aged 56.

A report filed last week at the court’s registry raised the estate’s value by almost double the valuation of 2016.

New property listed include the Amarillo Company, the Thika plots and some property in Nairobi.

In the document was filed in court in 2016, Amario Factory which stands on 6.3 acres of land in Naivasha was estimated to be worth Sh105 million.

The reports showed that Amario owned Den Hotel established on a 6.5-acre land in Naivasha, estimated to be worth Sh93 million.

Deceased's residence

“The deceased’s residence built on a 1.32-acre land is estimated to be worth Sh31 million,” read the report.

He also owned property in Naivasha worth Sh106 million, residential houses, parcels worth Sh147 million, plots in Longonot, Embu and Njukini in Taita Taveta.

However, the valuation report did not include Amario’s land parcels in Nairobi, Thika and Fai Amarillo Wineries Limited in Naivasha.

The Wineries Limited had not been included in the list of property to be distributed among his kin in Amario's succession case of 2010.

Miki Ng’ang’a, Amario’s son is one of the administrators of the estate and a director of Amarillo Limited. He has 100 per cent control of a company which holds 90 per cent shares of all the property.

The valuation report follows Matheka’s October 27, 2021 ruling that directed Ng’ang’a to be paying his sister Marsha Dee, Sh134,000 monthly upkeep.

Mr Ng’ang’a is to cater to his sister’s needs until their father’s inheritance case of 2010 is heard and determined.

Amario’s children Dee, Ng’ang’a, Sheena Auston and their mother Monica Wanjiru are listed as administrators of the estate.

The inclusion of Njeri as a beneficiary to the estate is still pending in court.

The case will be mentioned on April 21.