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    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

    KenGen to Pay Ksh1.65 Billion in Dividends

    KenGens’ half year profits hit Ksh6.8 billion

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    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

  • Markets
    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

    KenGen to Pay Ksh1.65 Billion in Dividends

    KenGens’ half year profits hit Ksh6.8 billion

    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

  • Real Estate
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    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

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    New Construction Technology to help NHC deliver affordable homes

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    NCBA partners with Shelter Afrique to finance properties in 5 counties

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    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

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    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
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    TikTok releases H2 2020 Global Transparency Report

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    realme awards fans to Valentines through DaretoLove Campaign

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    Opera launch its new Chat App to rival WhatsApp

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    IoT predictions for 2021: Smarter tech will make better business

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    Nokia to launch its low cost smartphones in Kenya

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    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

  • World Business
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    OPPO Announces Global Partnership with Volkswagen

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    World Engineering Day to Be Celebrated in Kenya

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    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

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    Suzuki unveils latest entrant into the Kenyan market

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    LG launches social impact challenge for innovative community projects

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    Kenya Breweries launches academy to train 10,000 bartenders

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    New Directory to Provide Support to women owned Businesses

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    KRA begins drive to convince Kenyans to pay taxes

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Kenyan Business Feed
  • Home
  • News
    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

    KenGen to Pay Ksh1.65 Billion in Dividends

    KenGens’ half year profits hit Ksh6.8 billion

    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

  • Markets
    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

    KenGen to Pay Ksh1.65 Billion in Dividends

    KenGens’ half year profits hit Ksh6.8 billion

    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

    CBK reveals Kenyans abroad sent Ksh30.5B in remittances in January

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    TikTok releases H2 2020 Global Transparency Report

    TikTok releases H2 2020 Global Transparency Report

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    IoT predictions for 2021: Smarter tech will make better business

    IoT predictions for 2021: Smarter tech will make better business

    Nokia to launch its low cost smartphones in Kenya

    Nokia to launch its low cost smartphones in Kenya

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

    LG’s 2021 TV Line-up Promises Ultimate Home Entertainment

  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    World Engineering Day to Be Celebrated in Kenya

    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

    Columbia Africa banks on primary and preventive healthcare to grow market share

    Columbia Africa banks on primary and preventive healthcare to grow market share

    DHL Express Named Best Employer in The World

    DHL Express Named Best Employer in The World

    Meet the founder of Safari Doctors Umra Omar

    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

    KenGen to Pay Ksh1.65 Billion in Dividends

    KenGens’ half year profits hit Ksh6.8 billion

    Suzuki unveils latest entrant into the Kenyan market

    Suzuki unveils latest entrant into the Kenyan market

    LG launches social impact challenge for innovative community projects

    LG launches social impact challenge for innovative community projects

    Kenya Breweries launches academy to train 10,000 bartenders

    Kenya Breweries launches academy to train 10,000 bartenders

    New Directory to Provide Support to women owned Businesses

    New Directory to Provide Support to women owned Businesses

    Kenya Railways Slashes SGR Cargo Transportation Costs

    Kenya Railways Slashes SGR Cargo Transportation Costs

    KRA lures Kenyans with this new tax reprieve

    KRA begins drive to convince Kenyans to pay taxes

    • Agribusiness
    • Banking
      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      DTB Bank set to shut down 6 branches

      DTB Bank set to shut down 6 branches

      Secure your future by saving with Metropolitan National Sacco

      Housing Finance launches new money transfer service

      Housing Finance launches new money transfer service

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Leak: 53 Kenyan banks, individuals Named in FinCEN Files For Illegal Sh6 Trillion Transactions

      Impending layoffs at Absa Bank Kenya Plc

      Family Bank opens its 92nd branch

      Family Bank opens its 92nd branch

      Kenyan shilling dips to a 2-year low against the US dollar

      Formation of Sacco Fraud Investigation Unit timely

      73% of female journalists likely to experience Sexual Harassment at work

      Accountants and finance professionals less likely to be harrased at work says report

    • Insurance
      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

      ICEA Lion Life appoints a new CEO

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

      National Bank of Kenya Bags Global Recognition

      National Bank of Kenya Bags Global Recognition

      DIB Awarded Best Islamic Bank in Kenya

      DIB Awarded Best Islamic Bank in Kenya

    • Manufacturing
    • Opinion
      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

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      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

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Citizen TV among Assets to be Taken Over by Government

by Neymar
October 21, 2020
in KBF, Markets, News
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A blow to Royal media tycoon SK Macharia after he lost an appeal in court for declaring him bankrupt.

According to the bankruptcy receiving order as elucidated in the by a local newspaper, the Royal media owner SK Macharia lost an appeal in court after he was declared bankrupt.

Through an official communication to the state, the government will take a responsibility to supervise and monitor the businessman’s assets.

Among the assets owned by SK Macharia is the Citizen TV channel which will soon be under the state’s directorship.

“The official receiver will prepare a statement of affairs detailing all his assets and liabilities with a view of setting them”

SK Macharia is the Chief Executive Officer of Royal media

According to the report, the Attorney General advised the state to take charge in supervising and monitoring SK Macharia’s assets that will retrieve to recover his debt.

“The notice has been issued for the benefit of all creditors and captures all his debts, all bank loans, suppliers and any other creditors.”

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.

He also risks losing directorship in companies that he and his wife, Purity Gathoni, own, including Royal Media Services – which owns Citizen TV and radio as well as several vernacular radio stations.

But 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.

The law demands that Mr Gakuru summon a general meeting of the creditors to discuss how to deal with the businessman’s property.

Mr Macharia is also expected to provide Mr Gakuru with a statement of his wealth that includes his assets, debts and liabilities as well as securities held by people he owes money.

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Mr Macharia lost an appeal, which sought to bar the State from enforcing a 2009 bankruptcy ruling, last year.

He has moved to the Supreme Court to challenge the appeals court decision, but he has yet to secure order freezing the judges’ directives, leading to the placement of the receiving order in Friday’s Kenya Gazette notice.

He lost the three-decade battle to bar businessman Livingston Waithaka, the managing director of Ocean Freight Transporters Company Limited, from declaring him bankrupt for failing to refund him Sh500,000 in a land deal that fell through.

The High Court in 2001 ordered Mr Macharia to repay the debt with an annual interest of 19 per cent that is compounded monthly from December 1986 following the botched land deal.

Mr Macharia ignored the ruling until 2008 when Mr Waithaka served him with bankruptcy notices. The High Court judges said the debtors failed to settle the amount despite bankruptcy notices having been issued to them.

At the Court of Appeal, the judges ruled that Mr Macharia and his wife challenged the court ruling on the existence of the debt instead of the bankruptcy suit.

Mr Waithaka says he paid Sh500,000 as a deposit to the couple in the 1980s for a plot in Nairobi’s Industrial Area which was then valued at Sh2 million.

The couple acknowledged receiving the amount but maintains Mr Waithaka owes them Sh1.5 million as the balance for purchase of the plot, off Enterprise Road.

They argued that the land deal was botched by Mr Waithaka after he turned down the plot despite paying the Sh500,000 deposit. The land was allocated to the Macharias by the State in 1982 and they were expected to pay Shh636, 970 for it.

They later agreed to sell the property to Mr Waithaka, who declined after its records indicated it was along Biashara Street in Nairobi’s city centre and not Industrial Area, according to court filings.

via Business Daily


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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