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
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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.
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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.
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