(KDRTV) – Deputy President William Ruto’s firm African Merchants Assurance Company (Amaco) has filed for liquidation in the High Court of Kenya.
A Gazette notice showing the case was filed by Beth Kahara and six others. The case was first mentioned on November 7.
So "William Ruto, has filed a commercial suit at the high court to have AMACO declared bankrupt at a time when thousands of Kenyans have filed suits against Ruto's insurance firm for failing to pay claims" via Caleb Simba pic.twitter.com/OlXMIMrKRT
— KENNETH (@IkeOjuok) December 30, 2019
The petitioners have called on all creditors and contributors of Amaco to appear for hearing of the case on January 30, 2020.
A Copy of the Gazette Notice
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“Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing in person or by his advocate for that purpose and a copy of the petition will be furnished by the undersigned to any creditor or contributory of the said company requesting such a copy on payment of regulated charge for the same, ” the notice reads in part.
It's hardly 3 weeks since this decree was made and AMACO Insurance has already filed for bankruptcy after all its government tenders were cancelled.
How illiquid are these firms owned by politicians? Their competitive edge is having a Godfather sitting in top government offices. https://t.co/B9DScTO31G
— Bironga O'Makori🇰🇪 (@chadbironga) December 30, 2019
Amaco has been heavily mentioned in the corruption case facing Nairobi Governor Mike Sonko.
In August, a local daily revealed how Amaco Insurance has had a running contract since 2013 to insure Nairobi County government vehicles.
On the other hand, the same company has an ongoing three-year contract with Arbab Auto Care Ltd, a garage located on Kangundo Road, where the county government’s vehicles are taken for repairs.
Sonko was arrested in early December and is facing 18 counts of corruption and misuse of office charges.
DP Ruto, has publicly stated that Sonko will bounce from his current woes.