Ruto linked AMACO sinks down with clients’ millions

Popular Insurance Company linked to Deputy President William Ruto has sunk down with millions of clients’ money.

A Nairobi Court ordered the Africa Merchant Assurance Company (AMACO) to shut down over sh 10 million debt.

Business Daily reported that the firm, was in war with about six individuals who are owed the whopping figure.

It named Elizabeth Karithi, Anisia Muthoni, Silas Kinoti, Faith Muthoni among others who have since claimed that the company had failed to pay their dues. That their efforts to seek for the payments has been futile as in many instances they are issued with bouncing cheques.

In the process of litigation, the presiding judge Margaret Muigai allowed a receiver manager to oversee its shutting down.

“That Africa Merchant Insurance Company Limited is hereby liquidated under supervision of the official receiver and liquidator,” stated Justice Muigai.

Meeting the prayers from complaints, the judge was told that the company had made tax free profits of sh 75 million in 2019 but still failed deliberately to address their grievances.

“It is clear that the company is unable to pay its debts and it is just and equitable that company should be wound up in the interest of justice,” the six issued the prayers to court.

The same firm was in 2019 at the center of illegal contracts at Kenya Pipeline Corporation KPC where it was discovered that it had plans to swindle public money through dubious deals.

This was happening despite the company not having taken part in tendering process as required by procurement laws.

AMACO has been in operation for 22 years.