NAIROBI, Kenya, June 20 – Equity Bank has placed TransCentury and its subsidiary East African Cables under receivership and administration, respectively, following the lapse of court orders that had temporarily halted the process.
The move reinstates Muniu Thoithi and George Weru of PricewaterhouseCoopers Limited as joint receivers and managers for TransCentury and joint administrators for East African Cables.
Both were initially appointed on June 16, 2023, and resumed their duties on June 19, 2025, after a 90-day extension of court orders expired.
“In accordance with applicable law, the Receivers now assume full control of the Company’s assets and affairs,” read part of the notice issued by PricewaterhouseCoopers.
“The Directors no longer have powers to direct or manage the affairs of the Company.”
For TransCentury, the receivership means all powers of management have shifted from the company’s directors to the receivers, who now oversee all operations, assets, and legal affairs.
According to the lender, anyone transacting on behalf of the company without the receivers’ written consent risks legal consequences.
East African Cables, on the other hand, has been placed under administration, a legal process meant to salvage the company or ensure better outcomes for creditors than liquidation.
Both companies are now under the direct control of PwC-appointed officials, with all communication, claims, and transactions to be directed through the respective PwC channels.
The Court of Appeal had, on May 23, dismissed a bid by East African Cables to stop Equity from selling its properties following a Sh2.2 billion debt, greenlighting the preceding events leading to the placement under administration.
