0

Monday June 17, 2019 - Deputy President William Ruto could be going broke three years to the 2022 General Elections where he intends to run for the Presidency.

This is after a company associated with him, Amaco Insurance, was raided on Monday by auctioneers over massive debt owed to various stakeholders.

This is the second time that the company is being raided by auctioneers after its Nyeri Branch had some furniture auctioned to recover a Sh115,000 debt in September last year.

In February, the Director of Criminal Investigations, George Kinoti, confirmed that Amaco was being investigated over suspected fraud in a multibillion tender at the Kenya Pipeline Company (KPC).

Kinoti investigated the circumstances under which the troubled insurer was given 30 percent of a contract to provide insurance coverage to KPC although it had not participated in the tender that was eventually won by CIC.

But four months later, the status of the investigation is yet to be made public – although the company remains on its deathbed and has reportedly been unable to pay its staff and the over Sh2.5 billion debt owed to various stakeholders.

Amaco is no stranger to controversy because 2009 when it was linked to the maize scandal when Ruto was the Agriculture Minister.

The Kenyan DAILY POST
Loading...

Post a Comment

 
Top