Media mogul S.K Macharia, could lose his assets including Royal Media Services after he lost his appeal against a court judgment declaring him bankrupt over a 34-year debt.
According to a report by Business Daily, the Attorney-General’s office on Friday issued a bankruptcy receiving order.
This allows the State to take over and supervise Macharia’s business with the aim of settling all his debts.
The order, placed in Friday’s Kenya Gazette notice, was triggered by last year’s Court of Appeal decision that rejected Mr Macharia and his wife’s opposition to being declared bankrupt over a Ksh500,000 debt, which has since ballooned to Ksh293.4 million.
Debt
Mark Gakuru, the Official Receiver based at the State Law Office, was tapped to supervise the businessman’s vast estate.
His brief includes reviewing the financial statements to establish the liabilities and assets to enable him to start settling the debts owed by the businessman.
The order means Mr Macharia will lose access to his businesses, bank accounts and property that will be under the watch of the official receiver.
However, Mr Macharia has the option of keeping the Official Receiver at bay by issuing a plan on how he intends to repay all his debts and enter into court-supervised agreements with all the creditors.
