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Why Raila might be bankrupt, company facing financial crisis

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Spectre International Ltd associated with African Union’s High Representative for Infrastructure Development Raila Odinga risks being auctioned after revelations that it owes another firm Sh7.7 million.

In a ruling delivered by the Mombasa Court, Betric Kenya Ltd has been given the go-ahead to recover the said amount as soon as possible after Raila’s firm failed to honour its pledge to pay the said debt.

The complainant told the court that it had supplied the firm with 14,500 litres of fuel oil at the value of Sh8 million to the firm but a large fraction of the debt remains unpaid to date.

Betric management reportedly delivers the oil to the firm, which is based in Kisumu, on diverse dates between 4 and July 18, 2016. Through its lawyer, lawyer Wameyo Onyango told the court that the firm to make payments within 30 days as promised.

The firm also said that it had borrowed some amount of money to fund its operations as Raila’s company considers ways to settle the debt, but nothing is forthcoming. The company also said that its effort to write letters to Raila’s business but nothing is forthcoming from the same even after making many promises.

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