Citizen TV billionaire S.K Macharia on Wednesday, September 4, stage a corporate coup at Kenya's largest PSV insurance underwriter.
Macharia declared himself the chairman and director of the troubled DirectLine Assurance Company and took over its management.
According to the Daily Nation, Macharia wrote a letter to the company's staff stating that he was made the decision '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 [Macharia’s wife Purity] and the estate of the late Dan Karobia,” he wrote in the letter dated September 3.
The first action he took after the takeover was to suspend Terry Wijenje who was the Managing Director, CEO and principal and replaced her with 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,” Macharia added.
The company’s other directors are Geoffrey Radier, Kevin McCourt, James Gacoka and Elizabeth Waichigo.
Macharia's son, John Gichia Macharia, who died in 2018 was also a major shareholder.
Gichia died at the Karen Hospital where he had been rushed to after a freak accident along the Southern bypass.
