Monday, November 23, 2020 – Deputy President, William Ruto, is a man under siege, after a Nairobi court ordered the closure of his company by the name of Africa Merchant Assurance Company (AMACO), over Ksh10 million debt.
According to reports, the court sanctioned the process of shutting down the firm after a lengthy battle over payments owed to six individuals.
The six, who included Elizabeth Karithi, Anisia Muthoni, Faith Muthoni, and Silas Kinoti among others, claimed that the firm had not paid their dues and in some cases issued bouncing cheques.
The judge also appointed a receiver-manager, who was tasked with overseeing the shutdown process.
“That Africa Merchant Insurance Company Limited is hereby liquidated under supervision of the official receiver and liquidator,” stated Justice Margaret Muigai.
The complainants had told the court that it was only fair that the company, which made an after-tax profit of Ksh75 million in 2019, be wound up because it had proved it could not settle its debt.
“It is clear that the company is unable to pay its debts and it is just and equitable that the company should be wound up in the interest of justice,” the six claimed in court documents.
In 2019, the company was entangled in a scandal after being awarded a lucrative insurance contract at Kenya Pipeline Corporation (KPC) without following laid down procedures.
E! News Blog
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