Media mogul Samuel Kamua Macharia’s attempt to take over his late son John Macharia’s insurance business has been rejected by the industry regulator.
The Insurance Regulatory Authority has said Mr Macharia flouted procedures in appointing himself chairman at the insurer of public service vehicles (PSVs) as well as new directors and bulldozing off the current team.
“The purported appointments of chairman, directors and CEO is against the provisions of the Insurance Act and the corporate governance guidelines which require that such persons be approved by the commissioner before they can take up those positions,” IRA chief executive Godfrey Kiptum said.
Mr Macharia has reportedly defended his move, claiming he was acting to preserve the authority of majority shareholders in the company.
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