* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, September 19, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Congress Bill Spotlight: Make Entertainment Great Again (MEGA) Act, Renaming Kennedy Center to Trump Center – The Fulcrum

    Congress Proposes MEGA Act to Rename Kennedy Center as Trump Center and Revitalize Entertainment

    Massive Attack Say They’ll Remove Music From Spotify – yahoo.com

    Massive Attack Announces Plans to Pull Their Music from Spotify

    REO to return for UI homecoming – The News-Gazette

    REO Gears Up to Ignite the Stage at UI Homecoming Celebration!

    Gen V Season 2: What is The Odessa Project? – yahoo.com

    Gen V Season 2: Unlocking the Secrets of The Odessa Project

    PENN Entertainment stock rating reiterated at Market Outperform by JMP – Investing.com

    PENN Entertainment Stock Rated a Market Outperformer by Experts

    Here’s how NJ’s once-vibrant nightclub scene was born and why it died – Bergen Record

    The Rise and Fall of New Jersey’s Once-Vibrant Nightclub Scene: What Happened?

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Gesture-Control Wearables Redefine Human-Technology Interaction – Yahoo Finance

    Gesture-Control Wearables Are Revolutionizing How We Interact with Technology

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    China says US TikTok deal a ‘win-win’, will review app’s technology and IP transfers – Reuters

    China Hails US TikTok Deal as a ‘Win-Win’ While Launching Review of App’s Technology and IP Transfers

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    City IT presented Best of North Carolina Technology Award – RaleighNC.gov

    City IT Honored with Best of North Carolina Technology Award

    LELO Releases 2025 Futurist Report: Intergenerational Views on Relationships, Sex, and Technology – PR Newswire

    Exploring the Future: How Different Generations View Relationships, Sex, and Technology in 2025

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Congress Bill Spotlight: Make Entertainment Great Again (MEGA) Act, Renaming Kennedy Center to Trump Center – The Fulcrum

    Congress Proposes MEGA Act to Rename Kennedy Center as Trump Center and Revitalize Entertainment

    Massive Attack Say They’ll Remove Music From Spotify – yahoo.com

    Massive Attack Announces Plans to Pull Their Music from Spotify

    REO to return for UI homecoming – The News-Gazette

    REO Gears Up to Ignite the Stage at UI Homecoming Celebration!

    Gen V Season 2: What is The Odessa Project? – yahoo.com

    Gen V Season 2: Unlocking the Secrets of The Odessa Project

    PENN Entertainment stock rating reiterated at Market Outperform by JMP – Investing.com

    PENN Entertainment Stock Rated a Market Outperformer by Experts

    Here’s how NJ’s once-vibrant nightclub scene was born and why it died – Bergen Record

    The Rise and Fall of New Jersey’s Once-Vibrant Nightclub Scene: What Happened?

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Gesture-Control Wearables Redefine Human-Technology Interaction – Yahoo Finance

    Gesture-Control Wearables Are Revolutionizing How We Interact with Technology

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    China says US TikTok deal a ‘win-win’, will review app’s technology and IP transfers – Reuters

    China Hails US TikTok Deal as a ‘Win-Win’ While Launching Review of App’s Technology and IP Transfers

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    City IT presented Best of North Carolina Technology Award – RaleighNC.gov

    City IT Honored with Best of North Carolina Technology Award

    LELO Releases 2025 Futurist Report: Intergenerational Views on Relationships, Sex, and Technology – PR Newswire

    Exploring the Future: How Different Generations View Relationships, Sex, and Technology in 2025

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Exclusive: Unauthorised $3 million transfer led to Directline Assurance shutdown

June 13, 2024
in Technology
Exclusive: Unauthorised $3 million transfer led to Directline Assurance shutdown
Share on FacebookShare on Twitter

The shutdown of Kenya’s Directline Assurance was connected to an alleged attempt by media mogul Samuel Kamau (SK) Macharia to avoid a probe into an unauthorised $3 million (KES400m) transfer to a company he controls, according to court filings by the Insurance Regulatory Authority (IRA) seen by TechCabal.

$3 million was wired to Toy and Suna Holdings Ltd from Directline’s Diamond Trust Bank account on May 16, court documents 4 showed. The regulator alleged the transaction was a scheme to defraud policyholders and beneficiaries of the company.

Samuel Macharia’s office did not immediately respond to a request for comments.

The IRA alleged Macharia moved the millions “purportedly to finance the development of stalls and low-cost housing at the Toy Market” in contravention of existing regulations.

“Section 191(2) of the Act prohibits insurers from engaging in any business other than the business for which they are registered. It is apparent on the face of the record that the subject transaction is not insurance business and is, therefore, a breach of the insurer’s license terms,” IRA said in its application.

One person with direct knowledge of the matter claimed Macharia, fondly referred to as SK, hurriedly closed the insurer after the regulator flagged the transaction and moved to court. 

“The board of Directline has been dissolved and all the assets taken over by Royal Credit Ltd. All employees have been dismissed, and Directline will no longer issue insurance services,” Macharia announced on Citizen TV, a leading Kenyan news outlet he owns through Royal Media Service (RMS).

The unexpected closure caused panic among policyholders who stood to lose $15.4 million (KES2 billion) in unpaid claims and threw staff and agents into limbo. The Insurance Regulatory Authority (IRA) stepped in and revoked the decision.

“The purported actions are null and devoid of any legal effect and as such the insurer continues in full operation as licensed and approved by the Authority. The purported transfer of the assets of the insurer to any third party is therefore null and void ab initio,” said Godrey Kiptum, IRA chief executive.

This latest standoff adds to the list of feuds Macharia has had with the regulator and other directors in the company. Since 2018, IRA has maintained that the billionaire and his associates do not own a controlling stake, a position he disputes. 

IRA shareholder register shows that Macharia through RMS owns 10% in the underwriter, while four other investment vehicles hold a 20% stake each. In 2019, Macharia challenged this position in court, claiming that his family owns 20% while AKM Investments, a company owned by his son who died in 2018, holds a 48% share.

But Macharia’s claim was in breach of the regulator’s shareholding limit that caps individual stake in insurers at 25%. The matter is still pending in court.

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/06/12/directline-assurance-shutdown/

Tags: ExclusivetechnologyUnauthorised
Previous Post

Huawei to Launch MatePad 11.5”S PaperMatte Edition and MateBook 14 on June 18, 2024

Next Post

Exclusive: As merger stalls, court sets aside order forcing Wasoko to keep nine ex-employees on payroll

Oil rig study reveals vital role of tiny hoverflies – Phys.org

Tiny Hoverflies Prove Essential to the Health of Oil Rig Ecosystems

September 19, 2025
Meet The “Grue Jay”: A Bizarre Rare Bird Spotted In Texas Is A Unique Hybrid Of Two Different Species – IFLScience

Discover the “Grue Jay”: A Bizarre and Rare Hybrid Bird Spotted in Texas

September 19, 2025
Tracing Iron’s Invisible Transformations Just Beneath Our Feet – eos.org

Uncovering Iron’s Hidden Transformations Beneath Our Feet

September 19, 2025
People who stay madly in love after 20+ years of marriage usually share these 9 daily habits – VegOut

9 Daily Habits That Keep Couples Madly in Love After 20+ Years Together

September 19, 2025
Gesture-Control Wearables Redefine Human-Technology Interaction – Yahoo Finance

Gesture-Control Wearables Are Revolutionizing How We Interact with Technology

September 19, 2025
How Taylor Morgan became one of Reno’s most recognizable sports voices – Nevada Sports Net

From Local Roots to Legendary: How Taylor Morgan Became Reno’s Most Recognizable Sports Voice

September 19, 2025
Scientists say they’ve found the world’s oldest mummies, and they’re far from Egypt – NBC News

Scientists say they’ve found the world’s oldest mummies, and they’re far from Egypt – NBC News

September 19, 2025
The growing chasm between MAGA and non-MAGA Republicans on Trump’s economy – Axios

The growing chasm between MAGA and non-MAGA Republicans on Trump’s economy – Axios

September 19, 2025
Congress Bill Spotlight: Make Entertainment Great Again (MEGA) Act, Renaming Kennedy Center to Trump Center – The Fulcrum

Congress Proposes MEGA Act to Rename Kennedy Center as Trump Center and Revitalize Entertainment

September 19, 2025
CHOP researchers unveil framework for boosting children’s oral health – News-Medical

Revolutionary New Framework Set to Transform Children’s Oral Health

September 19, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (827)
  • Economy (846)
  • Entertainment (21,725)
  • General (17,124)
  • Health (9,891)
  • Lifestyle (860)
  • News (22,149)
  • People (850)
  • Politics (856)
  • Science (16,057)
  • Sports (21,346)
  • Technology (15,829)
  • World (830)

Recent News

Oil rig study reveals vital role of tiny hoverflies – Phys.org

Tiny Hoverflies Prove Essential to the Health of Oil Rig Ecosystems

September 19, 2025
Meet The “Grue Jay”: A Bizarre Rare Bird Spotted In Texas Is A Unique Hybrid Of Two Different Species – IFLScience

Discover the “Grue Jay”: A Bizarre and Rare Hybrid Bird Spotted in Texas

September 19, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version