Royal Media Services chairman S.K. Macharia. FILE PHOTO | NATION MEDIA GROUP
Billionaire S.K. Macharia has staged a
corporate coup by declaring himself chairman and director of the
troubled insurance firm, DirectLine Assurance Company, and taken over
its management.
It is the largest
public service vehicle (PSV) underwriter in the country. Mr Macharia, in
a letter to the
company’s staff, said he was acting “in the interest of
preserving the company”.
“I write to
you in my capacity as a representative of the majority shareholders,
namely Royal Media Services, Royal Credit Limited, S.K Macharia, P.G
Macharia [Mr Macharia’s wife Purity] and the estate of the late Dan
Karobia,” he wrote in the letter dated September 3.
He
also said he had suspended Ms Terry Wijenje as managing director, CEO
and principal and appointed Mr Isaac Ngaru in an acting capacity.
“I
take over the position of director and chairman. All staff should
report to their respective offices and continue with their duties as
normal,” he said.
The company’s other
directors are Mr Geoffrey Radier, Mr Kevin McCourt, Mr James Gacoka and
Ms Elizabeth Waichigo. His son John Gichia Macharia, who died in May
last year, was also a major shareholder.
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