DP Ruto-linked Amaco Insurance Accused of Hiding Assets in Sh19 Million Debt Case

An insurance company linked to deputy President William Ruto is on the spot for allegedly concealing its assets from auctioneers.

Africa Merchant Assurance Company (Amaco) is in court with an NGO, Mama Rael Memorial Foundation over a Sh19 million debt.

The NGO has accused the insurer and Access Bank (formerly known as Transnational Bank Kenya PLC), of collusion in hiding the assets.

The healthcare organisation told the court that the two entities submitted contradictory statements; one showing nil and another Sh44.2 million.

“Amaco failed to pay our client contrary to the court judgment, provisions of the Insurance Act and Regulations. The directors and officials of Amaco have unlawfully concealed their assets and proceeds in bank accounts thus making it difficult to execute against it,” submitted the NGO.

The legal battle began in 2018 as a result of Amaco’s violation of an insurance agreement by not compensating the non-profit organisation.

In order to recover the debt, the NGO is asking the court for orders authorizing it to attach the insurer’s bank accounts.

Additionally, it has requested that Mr Herbert Wigwe, CEO of Access Bank PLC, be called before the court to confirm the accounts and funds in the bank accounts held by Amaco.

Further, the NGO wants Mr Wigwe to attest to the veracity and specifics of the statement Amaco submitted in court and disclose any other accounts the insurer may have with the lender.

“There are reasonable doubts relating to the completeness and authenticity of the bank statements by the bank. The actions and omissions of the bank are deliberate to delay payment of the decretal amount,” said the NGO.

The organization further notes that on January 21, 2022, the bank, through its attorney, declared Amaco’s account to be canceled and inactive.

“However, his new statement showed a balance of Sh1,801,899 as at July 2021 which the NGO withdrew,” said the NGO.

“Whereas both bank statements sourced from the same bank [and the] same account should uniformly appear to be the same, the first bank statement was submitted on a Microsoft Excel format with variance of numbers and in the second bank statement has variance on dates and months, making both statements remain doubtful.”

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