ADVERTISEMENT

How SK Macharia’s Sh1 Billion loan was cancelled at the last minute for fear of financing a coup

SK Macharia has in the past been associated with Raila

ADVERTISEMENT

However, apart from the multi-billion stable that started in 1999, Macharia had tried his hand in various entrepreneurial activities.

The mots notable is the Madhupaper that was at one time discussed at a cabinet meeting during President Daniel arap Moi’s reign.

According to Wanjiru Waithaka, author of ‘A profile of Kenyan Entreprenuers’, Macharia was the first Kenyan to start the local manufacture of tissue papers.

As Madhupaper grew and exports to neighbouring countries ballooned, the man fondly referred to as SK sought a loan to build a bigger factory in Maragua area.

The International Finance Corporation went ahead to grant him a Sh1 billion syndicated loan.

Unfortunately, the historic loan was cancelled after jealous businessman and politicians accused the businessman of seeking the loan to finance a coup.

Its cancellation was done after a Cabinet meeting chaired by President Moi and started a vicious court battle that lasted more than a decade, and ended at the Supreme Court in 2012.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

State House announces planned visit by Italian President Sergio Mattarell

State House announces planned visit by Italian President Sergio Mattarell

Ruto reveals number of Kenyans struggling to repay Hustler Fund loans

Ruto reveals number of Kenyans struggling to repay Hustler Fund loans

Top 10 counties with the highest cancer cases

Top 10 counties with the highest cancer cases

12 special locations Magoha's body will be taken before burial

12 special locations Magoha's body will be taken before burial

IG Koome explains why he recalled Uhuru's escort commander

IG Koome explains why he recalled Uhuru's escort commander

Kibicho speaks after reports of security removal for Uhuru, Matiang'i, and himself

Kibicho speaks after reports of security removal for Uhuru, Matiang'i, and himself

Health CS announces plans to rebrand NHIF

Health CS announces plans to rebrand NHIF

Why Nakuru couple lost 5 newborns after celebrating miracle birth

Why Nakuru couple lost 5 newborns after celebrating miracle birth

19 MPs with the most political influence in Kenya

19 MPs with the most political influence in Kenya

ADVERTISEMENT