Home » Firm linked to Chris Kirubi’s heirs settles $2.4-million tax charge following Uganda’s tax law amendment

Firm linked to Chris Kirubi’s heirs settles $2.4-million tax charge following Uganda’s tax law amendment

by Yusuf Abdulfatai
Chris Kirubi

Centum Real Estate (Centum RE), a prominent property developer linked to Robert Kirubi and Mary-Ann Musangi, heirs to the late tycoon Chris Kirubi’s business empire, has revealed that it settled a Ksh341.8 million ($2.41 million) tax charge in the financial year that ended in March 2022.

The recent payment comes as a result of a law change in Uganda, which reversed a tax credit of Ksh113.13 million that the company had previously enjoyed during the period. 

Consequently, Centum RE was compelled to restate its net losses for the period to Ksh486.9 million ($3.44 million) from Ksh31.96 million ($226, 000), as reported earlier, due to the tax credit reversal on its Uganda investment known as Pearl Marina.

Centum RE’s managing director, Kenneth Mbae, explained the reason for the increased taxation, stating: “The increase in taxation is because of Pearl Marina, which we consolidated into Centum RE. By the close of the 2022 financial year, there was an amendment in Uganda’s tax laws, which had not been operationalized. The restated numbers now reflect the impact of the law change.”

“The purpose of this adjustment is to account for the forfeited interest, which was restricted in the 2019 financial year. Due to the company’s inability to utilize the deduction for this amount in subsequent periods, the forfeited interest is now considered permanent,” Mbae said.

Centum RE operates as a property developer under the umbrella of Centum Investment Company, a leading investment firm well-known for its focus on real estate and private equity assets in East Africa’s consumer goods, financial, agribusiness, and power sectors.

The late Chris Kirubi, a prominent Kenyan tycoon and serial investor, owned a 31-percent stake in Centum Investments before his passing in 2021 at 80.

His son, Robert Kirubi, and daughter, Mary-Ann Musangi, inherited 80 percent of his fortune, including stakes in KCB Group, Haco Industries, and Bendor Estate Limited. The duo now holds the stake in Centum Investments, which was once owned by their father.

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