Confirmed: RUTO is dead broke and can’t even pay a simple debt as the Judge puts his entire company up for auction – Look!

 

Thursday, June 23, 2022 – Deputy President William Ruto is in serious financial distress barely 2 months to the August 9th General Election.

This is after it emerged that he cannot pay even a simple debt; something that could have serious implications on his presidential campaigns.

According to reports, Ruto’s company Africa Merchant Assurance Company (Amaco) has been facing financial difficulties in recent years.

In 2018 Amaco was found by the court to have defaulted on a payment amounting to Ksh 19 million to Mama Rachel Memorial Foundation.

The company proceeded to the High Court to bar the NGO from demanding payment of the amount or auctioning its assets pending the determination of an appeal.

However, on Wednesday, Justice Chepkwony dismissed the plea by Ruto’s company setting the stage for auctioning.

In the ruling, the judge said the company failed to offer a substantive explanation for the delay in filing the request to halt the execution of the magistrate’s ruling.

“The ruling in the lower court which Amaco wishes to appeal against was rendered on May 23, 2019, and the application (for stay) was filed on January 31, 2022.

This was beyond the requirement of 30 days as provided for under the Civil Procedure Act,” said the judge.

“Mama Rael Memorial Foundation, which is a successful party, should not be denied the opportunity to enjoy the fruits of its judgment,” the judge added.

The judge further stated that Ruto’s company did not provide any evidence to indicate its appeal had any chances of success.

In 2020, the High Court had sanctioned the winding up of Ruto’s company after six people sued it for failing to pay them or sometimes issuing fake cheques.

“That Africa Merchant Insurance Company Limited is hereby liquidated under supervision of the official receiver and liquidator,” Judge Margaret Mungai directed.