Royal Credit warns the public against buying Directline Assurance shares
Royal Credit Limited, the largest shareholder in Directline Assurance, has rejected attempts by individuals claiming ownership to sell 90% of the company's shares.
Royal Credit Limited, the largest shareholder in Directline Assurance, has rejected attempts by individuals claiming ownership to sell 90% of the company’s shares.
In a letter to the Insurance Regulatory Authority (IRA) and with a ‘buyer beware’ warning to the public, Royal Credit Limited, led by Dr. S.K. Macharia, says it was shocked by a public notice suggesting a plan to offload a majority stake without the knowledge or approval of the actual majority shareholder.
The company has issued a stern warning to Kenyans and potential investors against falling victim to what it calls a fraudulent scheme.
The advert claimed that Directline management had secretly decided to sell 90% of its shares, each priced at Ksh.81—without any consent from Royal Credit.
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Royal Credit is now demanding that Insurance Regulatory Authority (IRA) confirm whether it received a forged communication authorizing the sale.
The firm emphasizes that it has never sought approval to sell any shares in Directline and has no plans whatsoever to do so.
It further insists that any sale of shares must be approved solely by the rightful shareholders, not by individuals with no legal authority, and warns any interested buyer to perform due diligence before making a purchase, as no Directline shares are currently up for sale.
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