The fate of over 150 sacked Mediamax Network staff is now sealed after the firm sought for consultancy services seeking for insolvency.
In an exclusive report handed over to Kenya Today by an anonymous source, Mediamax Network which owns, K24 TV, Kameme TV, People Daily, Kameme FM, Milele FM, Meru FM, Mayian FM, Msenangu FM and Emoo FM has already contacted a city firm specializing in insolvency and restructuring seeking for bankruptcy.
According to sources, Medimax Network acting CEO Ken Ngaruiya is behind the idea in order to save his job and also help the company save millions of shillings since the over 150 sacked staff will now lose their benefits and three months’ salary arrears which the company still owes the former staff.
However, in an interesting twist there is already a willing buyer of Mediamax Network who is currently registering a company by the name “The People Media Group Limited”, a name similar to “The People Daily” which is owned by Mediamax Network.
If the deal goes through as planned by Ken Ngaruiya, Mediamax will file for insolvency and thereafter the firm will be changed to The People Media Group Limited. This will automatically be a blow to the over 150 former Mediamax staff who were sacked without being compensated even a penny plus their three months’ salary arrears.
However, the source confirms that if the planned insolvency plot fails the company will close down.
According to our sources close to K24 editorial department, the acting CEO Ken Ngaruiya is planning to execute the insolvency plot in order to evade addressing piling issues affecting the nose diving company.
The company fired over 150 employees after refusing to pay their 3 months salary arrears after they all refused to take a 50% pay cut. Ngaruiya later sacked over 150 staff without compensation even amid the COVID-19 pandemic crisis.
Our source also confirms that Ngaruiya has further disobeyed several court orders served to him by various lawyers representing various petitioners who have sued the Company for the illegal sackings.
The latest court order which was rudely disobeyed by Ngaruiya ordered Mediamax Network to pay April, May and June 2020 salary arrears for over 150 employees whose positions were rendered redundant.
The matter will be heard on Wednesday next week.