Our attention has been drawn to reports appearing in a section of the press regarding the sale of property assets of the Life Fund by Kenya National Assurance Company (2001) Ltd. The newspaper reports contained inaccuracies likely to cause disquiet to the policyholders and the general public.
The management of Kenya National Assurance Company (2001) Ltd would therefore like to make the following statement regarding the sale of property investments belonging to the Life Fund to put the record straight:-
| Name of Property | Valuation by Official Receiver in 2000 | Valuation by Government Chief Valuer in 2004/7 | Sale Price |
| Corner House | Shs550 Million | Shs 620 Million | Shs 700.7 Million |
| Bima House, Nairobi | Shs 400 Million | Shs 560 Million | Shs 560 Million |
| Bima Tower, Mombasa | Shs 250 Million | Shs 256 Million | Shs 256 Million |
| KNAC Tower, Kisumu | Shs 21 5 Million | Shs 224 Million | Shs 224 Million |
| Protection House | Shs 200 Million | Shs 220 Million | Shs 220 Million |
| Town House, Nairobi | [_ Shs 190 Million | Shs 210 Million | Shs 210 Million |
| Salama House | Shs 95 Million | Shs115Million | Shs 127,786,000 |
| Bamburi Plot | Shs 22.5 Million | Shs 26 Million | Shs 43,945,000 |
| Eldoret Complex | Shs 27.5 Million | Shs 22.5 Million | Shs 50 Million |
| Tiwi Plot, Mombasa | Shs 8.76 Million | Shs 11 Million | Shs 16 Million |
| Managers House, Mombasa | Shs 6 Million | Shs 7.5 Million | Shs 7.5 Million |
| Managers House, Kisumu | Shs 4.2 Million | Shs 4.8 Million | Shs 4.8 Million |
| Managers House, Nakuru | Shs 3.5 Million | Shs 2.55 Million | Shs 2.650 Million |
| Managers House, Nyeri | Shs 3 Million | Shs 3.2 Million | Shs 3.2 Million |
| Kisumu, Ex-Ohawa Plot | Shs 1.35 Million | Shs 1.35 Million | Shs 1.35 Million |
Value of Corner House
Corner House was valued for Sh550 million by Gimco Limited in June, 2000 for the Official Receiver. This valuation was done along with the valuation of all the property investments listed above. The property valuations formed the basis of the total value of the assets transferred to KNAC (2001) Ltd from the Official Receiver in March, 2002. The valuation report and the values of the properties were accepted by the High Court for the purpose of the Transfer.
Subsequent Valuations
The Board requested the Government Chief Valuer to carry out valuation of all properties in March, 2004 in preparation for sale. The valuations formed the reserve prices.
Corner House was valued for Shs570 Million in March 2004 by the Government Chief Valuer. The building was revalued for Shs620 Million in July, 2007 by the Government Chief Valuer before it was advertised for sale.
Advice to Policyholders
We advise institutional policyholders that the balances of the benefits due to you will be paid as soon as the transfer process is completed and the sale proceeds received from the buyers.
Individual policyholders are requested to complete and return the Discharge Vouchers sent to them without delay together with the original policy document and a copy of ID to facilitate payment of their benefits.
Policyholders who have not received Discharge Vouchers should contact General Manager on telephone number 020-2216063, 2215784, 340759, Mobile numbers 0727751024 and 0736491301 or visit our offices in Mezzanine 2, Corner House, Kimathi Street Nairobi. Requests may be posted to General Manager, Kenya National Assurance Company (2001) Ltd, P.O. BOX 20425 - 00200, NAIROBI.
AT, KAMINCHIA PRINCIPAL OFFICER
Post a Comment