Gor Mahia Football Club chairman Ambrose Rachier has found himself in a financial storm with creditors after filing a petition against him that could potentially lead to bankruptcy.
In a Gazette Notice on March 1, 2024, signalled a troubling chapter for the renowned football figure who has long been associated with the Kenyan football scene.
“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.
The genesis of Rachier’s financial woes can be traced back to a significant business deal involving the sale of Mayfair Bank in 2023.
Rachier, alongside a consortium of investors, including prominent figures like politician Peter Kenneth, agreed to sell their stake in the bank to Egypt’s Commercial International Bank (CIB).
While the deal was touted as lucrative, Rachier’s direct stake of 0.98% in the bank has seemingly not insulated him from financial trouble.
The petition was filed against Rachier and presented to the Nairobi High Court on July 26, 2022.
The Gazette Notice, which made the matter public, invited other interested parties to come forward, shedding light on the legal complexities surrounding Rachier’s financial affairs.
According to the provisions outlined in the Kenyan Constitution and the Insolvency Act No. 18 of 2015, creditors have the right to seek a bankruptcy order against a debtor under certain conditions.
These conditions include the debt surpassing a prescribed threshold and the debtor demonstrating an inability to repay. While specifics regarding Rachier’s debts remain undisclosed in the Gazette Notice, it is apparent that the situation is grave enough to warrant legal action.
