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DP Ruto’s AMACO Company Files For Bankruptcy

Jakowiti Atwech by Jakowiti Atwech
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.

In consultation with the AG, we'll cancel contracts of non-performing insurance companies. We shall only deal with firms & service providers who value the work we do. Widows & widowers of officers who have died in the line of duty will no longer be denied services they deserve. pic.twitter.com/AQ1aYaJqgB

— Dr. Fred Matiang'i (@FredMatiangi) December 5, 2019

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
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