The government on Thursday, March 30 announced the distribution of assets belonging to the Akamba Bus Company, which collapsed years back.
In a statement, Business Registration Service (BRS) stated that the process of officially folding up the once giant Public Service Vehicle (PSV) company will start on April 6.
BRS clarified that it will convene a meeting of creditors of Akamba Public Road Services Limited to kick off the process.
The Thursday, April 6 meeting will be the twilight of a company that for 82 years served Kenyans through transport logistics and in the process set standards for the PSV industry.
During the creditor’s meeting, BRS will provide a roadmap on how Akamba Bus assets will be distributed.
“Take notice that the liquidator shall convene a meeting of the creditors of the company on April 6, 2023, at 10.00 AM to be held virtually,” the statement read in part.
“The agenda of the meeting shall be; Tabling of the liquidator’s statement of receipts and payment, Declaration of distributions from the realized assets and the process of distribution,” the statement further directed.
BRS noted that the company which is already under liquidation will not be admitting other creditors to take part in the asset distribution process.
“Note that only those creditors whose proof of debt forms have been admitted by the liquidator shall participate in the said meeting,” BRS warned.
Akamba Bus was established in the early 1940s when Commercial Bus Company, Makueni Bus Company and Western Bus Company merged to create a formidable force in the PSV industry.
At its peak in 2000, the Akamba bus had a fleet of over 100 buses plying different routes in East Africa.
At the turn of the century, the company hit ran into financial headwinds after its founding director Hassan Nathoo passed on following a long-time illness.
The company was inherited by two of Nathoo’s sons and a subsequent sibling rivalry destroyed a once giant company.
Mismanagement of the firm saw it make losses and in 2010 the company started crumbling to its knees.
In 17 days’ time, a few individuals will meet to share what remains of the company and permanently close a conglomerate that served generations.
