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The Sh2.8bn debt write-off request that prompted Equity to go after TransCentury

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East African Cables CEO Paul Muigai (right) engaging EAC’s Chairman Dr MG Waweru (centre) and TransCentury Plc Group Chairman Shaka Kariuki (left) during EAC’s 58th AGM. FILE PHOTO | NMG
 

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By  Kepha Muiruri

Business Reporter

Nation Media Group

Equity Bank Kenya declined a request to write off over Sh2.8 billion ($20 million) debt owed by TransCentury Plc and instead placed the firm in receivership, in a drastic turn of fortune for what was once Kenya's most promising publicly listed investment firm.

In a double blow to TransCentury, which has just come from a failed rights issue, Equity has placed its subsidiary East African Cables Limited under administration.

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