Budget to crash the poorest Next Story
Treasury eyes private firms to fund projects Previous Story
You are here  » Home   » Business News

Tycoon’s firm faces winding up petition

By Otiato Guguyu | Published Fri, June 15th 2018 at 00:00, Updated June 14th 2018 at 22:57 GMT +3

A logistics firm belonging to billionaire businessman Peter Muthoka, Acceler Global Logistics, has been sued by creditors who want it shut down and assets sold off to pay its debts.

Law firm Ochieng Onyango, Kibet and Ohaga Advocates has filed a winding up petition at the High Court, which will be heard in five weeks.

ALSO READ: Mumias CEO suspension fuels speculations

“The said petition is directed to be heard before the court on July 20, and any other creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of the hearing,” read a notice in the dailies yesterday.

Acceler operates complex supply chain solutions on a national, regional and global scale on behalf of several large international companies in Kenya.

It offers customs brokerage, warehousing, cargo transportation, distribution and supply chain management services in Kenya as well as East and Central Africa.

According to Forbes magazine, the company’s annual revenue is in excess of Sh5 billion.

Avoid fake news! Subscribe to the Standard SMS service and receive factual, verified breaking news as it happens. Text the word 'NEWS' to 22840

Mr Muthoka was previously the largest individual shareholder in the de-listed automobile distribution firm CMC Motors before he sold off his stake to the Al-Futtaim Group.


Would you like to get published on Standard Media websites? You can now email us breaking news, story ideas, human interest articles or interesting videos on: [email protected]

RECOMMENDED