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

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!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

Uhuru issues demands as heartbreak grips Kianjokoma brothers' funeral

Uhuru issues demands as heartbreak grips Kianjokoma brothers' funeral

11 fashion choices by women that men hate

11 fashion choices by women that men hate