Equity Bank has assumed control over TransCentury and its subsidiary, East African Cables, after the expiry of court orders that had previously suspended any action.
The bank’s decision has resulted in TransCentury being placed under receivership, while East African Cables has been placed under administration.
The task of overseeing the affairs of both companies has been entrusted to PricewaterhouseCoopers Limited, with Muniu Thoithi and George Weru reinstated as joint receivers and managers for TransCentury, and joint administrators for East African Cables.
The two officials, originally appointed on June 16, 2023, resumed their duties on June 19, 2025, once the court’s 90-day extension lapsed.
According to a formal statement issued by PricewaterhouseCoopers, “In accordance with applicable law, the Receivers now assume full control of the Company’s assets and affairs.”
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The notice further specified, “The Directors no longer have powers to direct or manage the affairs of the Company.”
This development signals a significant shift in authority, with the receivers now overseeing the management, assets, and legal matters of TransCentury.
Equity Bank has warned that any individual or entity engaging in transactions on behalf of TransCentury without the explicit written consent of the receivers may face legal repercussions.
East African Cables, now under administration, will undergo a legal process designed either to rescue the company or secure more favourable outcomes for its creditors compared to liquidation.
All dealings related to both companies will be managed through official channels set by the PricewaterhouseCoopers appointees.
This course of action follows a ruling by the Court of Appeal on May 23, which dismissed East African Cables’ attempt to prevent Equity Bank from disposing of its assets.
The ruling stemmed from a debt of Sh2.2 billion owed to the bank, ultimately paving the way for the current measures.
