Broke Rachier? Gor Mahia Chairman Battles Bankruptcy Proceeds After Sh5bn Deal
Mr Ambrose Rachier, the Chairman of Gor Mahia Football Club, is facing being declared bankrupt by the Nairobi High Court.
This is after creditors filed a petition against him and it was presented to the Court on July 26, 2022.
A Gazette Notice seen by Nairobi News on March 1, 2024, in regards to the Commercial and Tax Division Insolvency Petition filed against Mr. Rachier was publicized as it called on any other proposers and opposes of the petition against Mr. Rachier to come forward as well.
“Any creditor or contributor of the above-named desirous to support or oppose the making of an insolvency order in the said petition may appear before the High Court in Nairobi in person or by an authorized advocate on the 11th March 2024 when the matter shall be mentioned,” read the Notice.
According to the Constitution of Kenya, The Insolvency Act No 18 of 2015, Division 2, Section 17, a creditor may apply for a bankruptcy order in respect of a debtor about a debt or debts owed by the debtor to the creditor or creditors.
The application may be made if at the time of the application: the amount of the debt or the aggregate of the debts is equal to or exceeds the prescribed bankruptcy level, the debt is for a liquidated amount payable to the applicant creditor/s either immediately or at some certain, future time, and is unsecured; the debt is a debt that the debtor appears either to be unable to pay or to have no reasonable prospect of being able to pay and there is no outstanding application to set aside a statutory demand in respect of the debt or any of the debts.
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The Gazette Notice did not provide the nature of Mr Rachier’s debts but simply provided the petitioner’s advocate’s information.
This petition against Mr Rachier comes a year after he signed a Sh 5 billion deal in the Mayfair Bank sale to Egypt’s Commercial International Bank (CIB).
According to a January 2023 report by the Business Daily, Mr Rachier was one of 32 investors who agreed to sell their combined 49% stake in the bank to CIB at $40 million (Sh 4.98 billion at the time). Mr Rachier had a direct stake equivalent of 0.98%.
Another top name among the investors is politician Peter Kenneth who is the founder of Mayfair Group and teamed up with other investors to establish the bank.
The son of former Reverend Caon Hazron Rachier, Ambrose- a confessed Free Mason- had a bout of success with the Kenya Premier League side club since taking over in 2008 but over the past few years, the club has been facing financial problems including paying off salaries and fines after bitterly parting ways with staff.
In light of these financial problems, it is widely known that Mr Rachier would occasionally dip into his pockets to offset debts.
Broke Rachier? Gor Mahia Chairman Battles Bankruptcy Proceeds After Sh5bn Deal
