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DP Ruto’s AMACO Company Files For Bankruptcy

Jakowiti by Jakowiti
December 30, 2019
in Business News
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By Jakowiti Atwech 

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AMACO Insurance Company: Photo/File

AMACO Insurance, a company linked to the Deputy President William Ruto has filed a commercial suit at the high court to have it declared bankrupt

In a notice published on December 27 Kenya Gazette, any creditor or contributory of AMACO has been asked to appear in court for the hearing set for January 30, 2020. The proposal to liquidate the company was presented by Beth Kihara and six others.

Petition for Liquidation

This comes at a time when thousands of Kenyans have filed suits against the Deputy President’s insurance firm for failing to pay claims. Analysts feel it might be a ploy to avoid paying debts, camouflage then come out as a different company.

The company has been at the centre of some controversy concerning winning tenders from government agencies.

Early this month, while speaking at the Kenya School of Government in Kabete,
Interior Cabinet Secretary Fred Matiang’i announced that the government would go after rogue insurance companies over failure to compensate accident victims.

Dr. Matiang’i said most accident victims are never compensated promising to follow up and ensure that justice is served to those victims.

https://twitter.com/FredMatiangi/status/1202600667346546689?s=19

But in a quick response via social media, Africa Merchant Assurance Company (Amaco), an insurance firm, has distanced itself from the claim of being liquidated.

We would like to assure our customers & general public that we have not filed for bankruptcy proceedings contrary to an article circulating on social media. We've not been served with any notice or court proceedings on the same.We are addressing the same via the rightful channels

— AMACO INSURANCE LTD. (@Amaco_Ltd) December 30, 2019
Jakowiti

Jakowiti

Jakowiti serves as the Managing Editor of Kisasa News, steering the publication's editorial vision, content strategy, and team operations to ensure the delivery of accurate, timely, and compelling news. With a passion for storytelling and a steadfast commitment to journalistic integrity, Jakowiti focuses on crafting impactful narratives that resonate with readers. Holding a background in electronic engineering with a specialization in industrial solar energy, Jakowiti brings a unique perspective to coverage of technology, sustainability, and innovation. Beyond the newsroom, Jakowiti actively engages with the community, shares expertise, and advocates for forward-thinking solutions to pressing societal challenges. Stay informed with Kisasa News — where stories come alive.

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