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Economy

Auctioneers raid Ruto-linked insurance firm

A past match sponsored by Amaco.
A past match sponsored by Amaco. PHOTO | JARED NYATAYA  

Property worth Sh100,000 belonging to an insurance company associated with Deputy President William Ruto was Wednesday seized by auctioneers in Nyeri over a debt.

Auctioneers stormed a branch of Africa Merchant Assurance Company (Amaco) and carried away furniture and machines worth over Sh100,000. Mr Ruto is said to have interest in the loss-making insurer which has in the past two years struggled to return to profitability.

Armed with a court order, police officers and auctioneers forced their way into the office along Gakere Road and carted away property. According to documents seen by the Business Daily, Amaco was being auctioned over a Sh115,653 debt.

Kerugoya Senior Resident Magistrate Eric Wambo on September 21 issued orders for Giant Autioneers to recover the property from Amaco.

“It is hereby ordered that the applicant be granted orders to break into the debtor’s locked main door to offices so as to physically attach the proclaimed goods,” the order read. Amaco employees declined to comment on the matter.

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