An Insurance Company linked to Deputy President William Ruto has filed for Bankruptcy.
In a Gazette Notice filed on the 27th of December, 2019 by Beth Wairimu Kahara and 6 others, AMACO Insurance has requested to be given the green light to liquidate the whole company and its assets.
The Preliminary hearings for the liquidation case have been slated at the High Court of Kenya for the 30th January 2020.
Any person who supports or opposes the petition, filed on behalf of AMACO by Beth Wairimu Kamunge and Company, has been advised to show up in court for the hearing where they will be allowed to give their sentiments on the matter.
AMACO, which has reportedly been performing dismally over the past few months has requested for liquidation amid record losses over the past financial year following a biting economy in 2019.
Just recently, AMACO’s deal with the National Police Service was terminated by Interior CS Fred Matiang’I over unknown reasons.
Matiang’i, on the 5th December, 20019 announced that the government ‘would cancel all non-performing insurance companies and only deal with firms & service providers who value the work we do. Windows & widowers of officers who have died in the line of duty will no longer be denied services they deserve.’
This comes even as companies continue to shut down Kenya operations and lay off people, with some of these companies moving to neighboring countries.
In 2019 alone, over 10,000 people were laid off according to statistics with over 10 big companies either filing for liquidation or issuing profit warnings.
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