Amaco: We’ve never dealt in gunny bags

By Standard Reporter

An insurance firm associated with Agriculture Minister William Ruto has said it was not involved in plans to buy or sell jute bags.

The Board of Directors of Africa Merchant Assurance Company (Amaco) has refuted allegations the firm undertook any transactions outside the scope of its licence under the Insurance Act. "Amaco has never been in the business of buying or selling gunny bags," the board through its advocates, Katwa Kigen.

Last week, Ikolomani MP Bonny Khalwale told Parliament that Amaco Managing Director, Mr Silas Kibet Simotwo had engaged in correspondence with Al Champdany Industries of India about the purchase of two million 90kg jute bags.

Simotwo clarified that he made the enquiries about the Sh153 million deal in a private capacity.

"I came across a tender for the supply of the bags advertised by the NCPB and I got interested," he said.

NCPB finally ordered a million bags each from Howrah Mills, Al Champdany Industries and Murlidhar Ratanlal Experters.

We take this early opportunity to apologise to Amaco and regret any inconvenience caused.