The legal battle for control of Directline Assurance pitting media mogul Samuel Kamau Macharia and the Insurance Regulatory Authority (IRA) has revealed that the insurer’s true ownership is uncertain, with both parties keeping conflicting shareholder records.
The regulator has described Mr Macharia as a minority shareholder with a 10 percent stake through Royal Media Services, which does not entitle him to stage a corporate coup by declaring himself chairman and ousting the CEO of the troubled insurance firm.
