May 18, 2022

The sons of Billionaire Rai battle in court over their father’s wealth

Share Article

The sons of the late billionaire Tarlochan Singh Rai are battling in court over their father’s wealth.
Rai’s sons, Jasbir and Iqbal, have objected to the Will, which was left behind by their father, who died on December 28, 2010.
Their brother Jaswant Rai is the chairman of Rai Group and executor of the Will.
They argue that their father could have been coerced in crafting the Will document that distributed his multibillion assets among his eight beneficiaries.
The Will left behind by Rai is dated December 17, 1999, before he later died in Mumbai, India.
The court battle is likely to unveil to the public the details of Rai’s wealth and financial dealings.
It is also likely to tear the family after the patriarch’s death.
The widow Sarjij Kaur Rai, is also supporting Jasbir and Iqbal in objecting to the Will.
Jaswant moved to court to get permission to administer the multibillion-shilling business in East Africa, Malawi, India and London.
The Rai family has interests in cement production (Rai Cement), edible oils and soaps (Menengai Oil Refineries), sawmilling (Timsales, RaiPly and Webuye Panpaper), wheat farming, horticulture, sugar industry (West Kenya) and real estate (Tulip Properties).
Jaswant has defended the Will arguing that their father distributed to each family member their rightful stake in the business empire.
The beneficiaries include his wife Sarjij as well as his sons Jasbir, Jaswant, Sarbjit and Iqbal. Others are his daughters Hertej Ashwin Oza, Daljit Kaur Hans and Sarbjit.
Jaswant said that the patriarch had also given some of his wealth to his late son Tejpal. Tejpal died before him.
The widow and her two sons have opposed the Will. They say that Rai had left nothing to Jasbir, Iqbal and daughter Daljit. She also said her daughter Hertej had not been sufficiently provided for in the Will, urging for an additional stake.
Sarjij accused her son Jaswant of tabling a Will that omitted a huge chunk of the family properties.
A list of properties provided by Jaswant in court includes Rai Plywoods (K) Ltd, Rai Produces Ltd, Rai Holdings Ltd, Rai Agriculture Enterprises Ltd, Rai Investments Ltd and Rai Ceramics Ltd.
Others are Tulip Properties Ltd, Rai Expo Park Ltd, and houses in Kampala, Runda in Nairobi and Canada.

Leave a Reply

Your email address will not be published.