Only two months remain until the general election on August 9th, and vice president William Ruto is in severe financial trouble.
This is in response to the revelation that he is unable to pay even a little debt, which could have a significant impact on his presidential prospects.
According to rumors, Ruto’s business, Africa Merchant Assurance Company (Amaco), has had money problems lately.
The court determined that Amaco had defaulted in 2018 on a Ksh 19 million payment due to the Mama Rachel Memorial Foundation.
In order to prevent the NGO from requesting payment of the sum or selling off its assets while an appeal is being heard, the corporation went to the High Court.
But on Wednesday, Justice Chepkwony rejected Ruto’s company’s appeal, paving the way for auctioning.
The corporation was found to have failed to provide a convincing justification for the delay in submitting the motion to halt the execution of the magistrate’s decision, the judge ruled in the verdict.
The lower court decision that Amaco intends to appeal was made on May 23, 2019, and the motion (for a stay) was submitted on January 31, 2022.
According to the Civil Procedure Act, this went above the 30-day limit, the judge declared.
The judge said, “Mama Rael Memorial Foundation, which is a successful party, should not be barred from reaping the benefits of its ruling.”
The judge said that Ruto’s company had not offered any proof that suggested its appeal had any prospect of being successful.
After six persons sued Ruto’s company for neglecting to pay them or occasionally issuing phony checks, the High Court approved the company’s dissolution in 2020.
Judge Margaret Mungai ordered: “That Africa Merchant Insurance Company Limited is hereby liquidated under the supervision of the official receiver and liquidator.”
