SK Macharia’s Directline Insurance Shuts Down
SK Macharia’s Directline Insurance Shuts Down: The Directline Assurance Company, which reportedly controls more than 60 per cent of the Kenyan Public Service Vehicles (PSVs) insurance market, has ceased operations.
In a brief statement, Dr SK Macharia, Chairperson of Royal Credit Limited, which owns the insurance company, announced the termination of all Directline’s employees.
He also declared the immediate dissolution of the company’s Board of Directors, with Royal Credit Limited set to take over all assets owned by Directline.
According to Macharia, Directline Assurance Company had to close down owing to the freezing of the company’s bank accounts by the Insurance Regulatory Authority (IRA).
Macharia went ahead to point fingers at IRA for failing to take action against the company’s former directors whom he accused of mismanaging funds totalling Ksh7 billion.
Following the controversial decision, the company announced the immediate suspension of all insurance services
This means that Directline has gone under with peoples money and having not paid hundreds of garages handling their services.
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