{"id":86293,"date":"2023-06-17T10:40:23","date_gmt":"2023-06-17T07:40:23","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=86293"},"modified":"2023-06-17T10:55:30","modified_gmt":"2023-06-17T07:55:30","slug":"sh3-01bn-equity-bank-loan-defaulters-transcentury-east-african-cable-put-under-receivership","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2023\/06\/sh3-01bn-equity-bank-loan-defaulters-transcentury-east-african-cable-put-under-receivership\/","title":{"rendered":"Sh3.01bn Equity Bank loan defaulters Transcentury, East African Cable put under receivership"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, June 17 &#8211; Equity Bank has placed Transcentury and the East African Cables under receivership and administration for defaulting on Sh3.01 billion.<\/strong><\/p>\n<div dir=\"auto\">In a notice on local dailies, the lender appointed Messrs Muniu Thoithi and George Weru from PricewaterhouseCoopers (PwC) as joint receivers and managers, effective yesterday.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Thoithi is a specialist in forensics and business recovery services at PwC.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;The purpose of this is to notify all interested stakeholders that following Receiver&#8217;s appointment, the affairs and business of the company shall be directed by the receiver,&#8221; PwC said in a statement.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;The powers of the receiver extends to all assets and undertakings of the company,&#8221; it added.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The notice also said that the receiver and manager&#8217;s representatives are authorized to deal with the assets of the company.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;The Power of Directors in terms of dealing with the company&#8217;s business and assets no longer apply,&#8221; it stated.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;Any person who purports to hold, receive, use, or attempts to buy, sell, contract, or otherwise deal with the assets of the company or with the company without the prior written consent of the Receivers will be acting in contravention of the law and will be liable to legal action.&#8221;<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">By being placed under receivership, this signals Equity&#8217;s target to settle bad debt.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, June 17 &#8211; Equity Bank has placed Transcentury and the East African Cables under receivership and administration for defaulting on Sh3.01 billion. In a notice on local dailies, the lender appointed Messrs Muniu Thoithi and George Weru from PricewaterhouseCoopers (PwC) as joint receivers and managers, effective yesterday. Thoithi is a specialist in forensics [&hellip;]<\/p>\n","protected":false},"author":14381,"featured_media":79434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1343,1,687],"tags":[6612,11841,1000,934,4013,11842,11840,6181],"coauthors":[6664],"class_list":["post-86293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks","category-kenya","category-top-stories","tag-defaulters","tag-east-african-cable","tag-equity-bank","tag-featured","tag-loan","tag-receivership","tag-sh3-01bn","tag-transcentury"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sh3.01bn Equity Bank loan defaulters Transcentury, East African Cable put under receivership - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, June 17 - 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