Royal Media Services (RMS) owner SK Macharia has lost a court appeal seeking to stop a judgement that declared him bankrupt over 34-year debt.
Mr Macharia and his wife Purity Gathoni had been declared bankrupt over a Ksh 500,000 debt, which has since ballooned to Ksh 293.4 million.
This now means that the State will take over and supervise Macharia’s business with the aim of settling all his debts.
The state will now take over his businesses including RMS which houses Citizen TV and other TV and radio stations.
However, Macharia has an option of thwarting the takeover by issuing a plan on how he intends to repay all his debts and enter into court-supervised agreements with all the creditors.
The Attorney General has already appointed Mark Gakuru, the Official Receiver based at the State Law Office, to oversee Mr Macharia’s business empire
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