S.K. Macharia: Royal Media founder forcefully takes over management of Matatus Assurance Company

Macharia staged a corporate coup by declaring himself chairman and director of the troubled insurance firm.
In a letter to the company’s staff, Mr. Macharia said he was acting “in the interest of preserving the company”.
DirectLine Assurance Company is the largest public service vehicle (PSV) underwriter in the country.

Kenyan Billionaire and Media magnate Samuel Kamau Macharia has taken over the management of DirectLine Assurance Company, the largest public service vehicle (PSV) underwriter in the country.

Macharia staged a corporate coup by declaring himself chairman and director of the troubled insurance firm and suspended Ms Terry Wijenje as managing director, CEO and principal and appointed Mr Isaac Ngaru in an acting capacity.

Public Service Vehicle (PSV) vehicles in Kenya ece-auto-gen

In a letter to the company’s staff, Mr. Macharia said he was acting “in the interest of preserving the company”.

“I write to you in my capacity as a representative of the majority shareholders, namely Royal Media Services, Royal Credit Limited, S.K Macharia, P.G Macharia [Mr Macharia’s wife Purity] and the estate of the late Dan Karobia,” he wrote in the letter dated September 3, Daily Nation reported.

“I take over the position of director and chairman. All staff should report to their respective offices and continue with their duties as normal,” he said.

A 14-seater matatu in Mombasa, Kenya ece-auto-gen

Mr Geoffrey Radier, Mr Kevin McCourt, Mr James Gacoka and Ms Elizabeth Waichigo are DirectLine Assurance other directors.

S.K. Macharia’s late son John Gichia Macharia, who died in May last year, was also a major shareholder.

Check it out here!

Kenyan Billionaire and Media magnate, S.K. Macharia, stage a corporate coup and takes over the reins of Kenya’s largest public service vehicle underwriter

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