Citizen TV owner SK Macharia is fighting a rearguard action against being declared bankrupt.
The State Law Office published his bankruptcy notice in the Kenya Gazette on October 2.
In the 1980s managing director of Oceanfreight Transport Livingstone Waithaka paid him Sh500,000 for a plot of land which was never transferred to him. He went to court to recover the money and the courts found in his favour. With a compound interest rate of 19 per cent, Macharia’s debt has now ballooned to Sh293 million.
Having lost in the Court of Appeal this year, Macharia reportedly intends to challenge his bankruptcy ruling in the Supreme Court and has deposited the disputed amount owing in a Judiciary suspense account.
Macharia’s assets include Royal …
Read the full article at: https://www.the-star.co.ke/news/2020-10-08-sk-macharia-battles-bankruptcy-ruling/