Equity Bank has placed investment firm TransCentury Plc under receivership and its subsidiary, East African Cables, under administration after the expiry of court orders that had temporarily blocked the process.
The latest development reinstates Muniu Thoithi and George Weru of PricewaterhouseCoopers (PwC) as joint receivers and managers of TransCentury, and joint administrators of East African Cables.
The two were originally appointed on June 16, 2023, and resumed their roles on June 19, 2025, following the lapse of a 90-day court extension.
“In accordance with applicable law, the Receivers now assume full control of the company’s assets and affairs,” PwC said in a public notice, adding that TransCentury’s board of directors has been stripped of all powers to manage or direct the company.
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With the receivership now in effect, PwC assumes control over TransCentury’s operations, assets, and legal matters.
Equity Bank has warned that any party transacting on behalf of the company without the receivers’ written approval risks legal action.
At the same time, East African Cables has been placed under administration—a legal process designed to either revive the business or secure better outcomes for creditors than outright liquidation.
PwC-appointed administrators will now manage the company’s affairs, and all correspondence, claims, and financial dealings must be directed through them.
This follows a May 23 ruling by the Court of Appeal, which dismissed East African Cables’ attempt to block Equity Bank from disposing of its assets to recover a Ksh.2.2 billion debt.
The ruling cleared the way for the bank to proceed with recovery efforts, ultimately resulting in the enforcement of receivership and administration measures.
