Auctioneers raid DP Ruto's Amaco insurance company for the second time over Sh2.5 billion debt

Blow as Ruto's company is auctioned over mega debt

Tony Mukere

June 17, 2019 11:40 AM

The company is also being probed by DCI George Kinoti

Auctioneers raid DP Ruto's Amaco insurance company for the second time over Sh2.5 billion debt

A company associated with Deputy President William Ruto, Amaco Insurance, was on Monday raided 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 Sh115,000 debt in September last year.

Earlier in February, Director of Criminal Investigations George Kinoti confirmed that Amaco was being probed 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.

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

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

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In an impeachment motion against Ruto, the then Ikolomani Bonny Khalwale MP accused the then Agriculture minister of flouting the Public Officer Ethics Act (POEA) by allegedly supporting a company he was associated with to receive a contract to supply the NCPB with gunny bags.

Ruto admitted owning shares at Amaco but denied that the insurance company had received any contract at the National Cereals and Produce Board.

“For the records, let me state that AMACO, a company in which I own shares did not apply, tender, supply or procure gunny bags and has no financial dealings with the NCPB; it has no relationship of whatever nature with the NCPB. That is the correct position,” the current DP told Parliament at the time.

Tony Mukere