Ruto goes against campaign promise as his govt shuts down 67 companies
Ruto goes against campaign promise on job creation as his govt shuts down 67 companies in a new directive
Ruto goes against campaign promise on job creation as his govt shuts down 67 companies in a new directive.
The government of President William Ruto announced the liquidation of 67 private and public limited companies on Friday, February 3.
The closure was announced by Joyce Koech, the Registrar of Companies, in a Gazette Notice dated January 31, 2023.
“Pursuant to Section 897 (4) of the Companies Act, it is notified for the general information of the public that the following companies are dissolved,” Koech noted.
Koech also explained that the 67 companies’ legal attributions will no longer be listed in government records like the rest of the businesses.
“Their names have been struck off the Register of Companies, with effect from the date of publication of this notice,” Registrar of Companies Koech noted.
The companies shut down included Advanced Industrial Automation Limited, Anime Creations Limited, Badr Residences Limited, Black Diamond Logistics Limited C.95178 Blackgold Enterprises Limited, Caresha Healthcare Solutions Limited, and Chitrali Spares and Safety Limited.
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Others were Valentine and Company Limited, Dagascrap Limited, Davgat Limited, Environmental Energy Enterprises Limited, and House of Decker Limit, among others.
The companies’ dissolution was not explained in detail. Numerous individuals lost their jobs as a result of the companies’ automatic dissolution, which had an adverse impact on the economy.
With the unemployment rate rising in Kenya, graduates have turned to online jobs from international companies and foreigners.
In response to the plight of unemployment, President Ruto’s government had promised to establish a National Start-up Fund to facilitate self-employment among youth.
President William Ruto also pledged a one hundred thousand-kilometer digital super highway that will spur economic growth in the country.
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