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TransCentury taps KPMG in Equity loan row
TransCentury’s engagement with KPMG forms part of the company’s strategies to resolve debt owed to Equity Bank with additional proposals including negotiations for an out-of-court settlement.
Investment firm TransCentury has tapped audit and consultancy firm KPMG as it seeks a plan to clear a Sh2.5 billion ($20 million) loan due to Equity Bank Kenya, and piling interest charges, amid a battle to avoid going under receivership over the defaulted facility.
The disclosure comes as court extended an order blocking Equity Bank’s appointed managers - George Weru and Muniu Thoithi from PwC- from acting as administrators of the firm and its sister company East African Cables.
