Citizen TV owner Samuel Kamau Macharia risks losing a portion of his property to the Office of the Attorney General over a 34-year court dispute.
In a Gazette Notice published on Friday, October 2, the office, headed by Paul Kihara Kariuki, noted that it had resorted to the move due to the tycoons 'inability to pay debt.'
The State is looking to take over the management of Macharia's property to settle the debt that has since hit Ksh293 million.
A report by Business Daily on Monday, October 5, indicated that the media mogul had been entangled in a 34-year dispute arising from a debt of Ksh 500,000 that has since ballooned to Ksh293 million.
In 2019, the billionaire lost an appeal case that sought to bar the State from enforcing a 2009 bankruptcy ruling.
A receiver officer, Mark Gakuru, has apparently been appointed to take over the supervisory of the estate.
“The official receiver will prepare a statement of affairs detailing all his assets and liabilities with a view of setting them.
"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 paper quoted a source from the Attorney-General's office.
In the new development, the tycoon and his family risk losing control of their companies including Royal Media Services that owns Citizen TV.
The publication also noted that Macharia had moved to the Supreme Court to challenge the ruling from the Court of Appeal.
The Ksh 500,000 debt is said to be owed to Ocean Freight Transporters Company Limited Managing Director Livingston Waithaka.
