Royal Media Services owner S.K Macharia has filed a lawsuit, escalating the fight for ownership of Directline Insurance.....CLICK HERE TO READ THE FULL ARTICLE>>>
Through his lawyer, Danstan Omari, Macharia alleged that the insurance company was forcefully taken from him in a hostile takeover.
Speaking at Milimani Courts on Friday, Omari described how Macharia and his wife, Gathoni, were ejected from Directline, which they had founded.
Macharia initially applied for licenses for both Royal Media Services and Directline Insurance, raising the required Ksh250 million.
However, plans to launch Directline were delayed as he focused on Royal Media Services.
After Macharia’s late son activated Directline’s license, it operated successfully under him until his passing.
Omari claims that after this, the company was unlawfully transferred to other individuals, and Macharia was blocked from accessing the offices.
Investigations by the Insurance Regulatory Authority (IRA), DCI, NIS, and EACC revealed that the new owners allegedly swindled Ksh8 billion in premiums, using the funds to purchase cars and houses.
Macharia warned Kenyans that insurance policies from Directline might be invalid, exposing PSV users to risk.
He is now seeking to be re-registered as the rightful owner of the company, which controls 65% of the PSV insurance market…CLICK HERE FOR MORE ARTICLE>>>
