Athletics Kenya (AK) has advised athletes to be careful with people they entrust their properties and investments.
The federation also urged athletes to seek legal advice from relevant quarters including AK if they are not sure of where or how to invest their hard-earned money from the lucrative races abroad.
AK President Jackson Tuwei said they have come up with a number of investment forums where athletes eager to invest their millions of shillings can seek advice.
“We have had a number of investment seminars in Eldoret with the recent being conducted by Central Bank of Kenya, who we partnered with to offer free investment advice to the athletes in Eldoret last week. Those who attended benefited a lot,” Tuwei said.
Tuwei explained AK has arranged a series of similar workshops and that athletes should be in touch with the federation to attend.
He was speaking in the wake of an expose on how many former world beaters are living in deplorable conditions after falling prey to unscrupulous investment advisers who have ended up swindling them of their earnings.
The 2006 World Indoor 1500m silver medallist Daniel Kipchirchir Komen is currently embroiled in a tussle with his former confidant and advisor Isaac Terer, the current Uasin Gishu County Assembly Speaker, over an alleged deal worth Sh21million.
Komen, who has been outspoken on the dispute, alleges the renowned lawyer used his (the athlete’s) documents to transfer his wealth to himself, leaving the athlete a pauper.
In a recent interview with The Nairobian, Komen says he approached Terer in 2008 when he made a fortune after winning several road races abroad.
“I was determined to make serious investment as security for my future. Terer was the first person I trusted when I thought of investment because he is a competent lawyer and had helped many other athletes and businessmen acquire property,” explained Komen.