Twenty-year-old Africa Merchant Assurance Company, popularly known as AMACO, risks closing its doors after seven people filed a petition at the High Court seeking its liquidation.
In a Kenya Gazette notice dated December 16th, law firm B.W. Kamunge & Company Advocates, on behalf of Beth Kahara and six others, has invited other claimants to join the petition against the underwriter. The hearing is scheduled to take place on January 30, 2020.
“…a petition for the liquidation of the above-mentioned company by the High Court was on the 7th November 2019, presented to the said court by Beth Wairimu Kahara and another and 6 others,” the notice read.
The embattled company associated with Deputy President William Ruto faced auction in June 2019 over an unpaid debt. It had its office furniture carted away by auctioneers acting for a creditor – Mama Rael Medical Clinic, over a debt of fifteen million shillings in unpaid claims.
According to the Insurance Regulatory Authority, AMACO controls 1.69 per cent of the Kenyan market share. It collected 2.1 billion shillings in customer premiums in 2018 and reported a 75 million shilling profit after tax in the same year.
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