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Tycoon’s firm faces winding up petition

NEWS
By Otiato Guguyu | June 15th 2018

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.

“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.

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.

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