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Court faults ‘secrecy’ in sale of collapsed Mount Kenya Breweries
The Milimani Law Courts in Nairobi. The High Court has allowed Mount Kenya Breweries' asset disposal to proceed, but ordered stricter transparency and creditor engagement.
The High Court has faulted an administrator-led plan to sell assets of Mount Kenya Breweries Limited, a collapsed firm weighed down by Sh5.37 billion in liabilities, citing a lack of transparency.
Raising concerns over secrecy in the court-supervised disposal process, the court said the planned sale by the official receiver breached key transparency safeguards by failing to circulate proposals to creditors and shareholders. It also faulted the process for inadequate stakeholder involvement.
