Amaco Insurance Company linked to Deputy President William Ruto got a reprimand after the court suspended the order for closure of the company.
In a notice published on December 2, the company announced that it had obtained orders to suspend the closure which had been imposed by the courts over a Ksh10 million debt.
“While this was not the expected outcome at the time, we are pleased to let you know that we have received a temporary order of stay which was issued on November 25, 2020. This means that the intended process of placing our company under a receiving manager has been halted pending the hearing and determination of our application for review,” the notice read.
The company clarified that it had managed to clear Ksh4.3 million of the allegations raised by six clients who had taken the insurer to court.
The current asset base of the company is Ksh4 billion, which is represented in various forms as approved by the regulator.
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