Equity Bank has taken full control of TransCentury and its subsidiary, East African Cables, following the expiry of court orders that had halted any enforcement actions.

With the lapse of a 90-day court extension, the bank has placed TransCentury under receivership and East African Cables under administration.

The management of the two companies has been handed back 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, who were initially appointed on June 16, 2023, resumed their duties on June 19, 2025.

“In accordance with applicable law, the Receivers now assume full control of the Company’s assets and affairs,” said PricewaterhouseCoopers in a formal statement.

“The Directors no longer have powers to direct or manage the affairs of the Company.”

This marks a major shift in the control and oversight of the troubled firms, with all decisions now resting with the appointed receivers and administrators.

The bank has also issued a warning against any unauthorised dealings related to TransCentury, stating that individuals or entities who transact on its behalf without the written consent of the receivers may face legal action.

Under the administration process, East African Cables is expected to undergo a structured legal process aimed at either reviving the company or achieving better returns for creditors compared to liquidation.

PricewaterhouseCoopers will manage all matters related to both companies through official channels only.

This move follows a ruling by the Court of Appeal on May 23, which dismissed East African Cables’ appeal seeking to stop Equity Bank from disposing of its assets.

The ruling was linked to a Sh2.2 billion debt owed to the bank, setting the stage for the current action.