Nairobi, March 4 -- Mauritius-based insurer MUA Limited has disclosed that its subsidiary in Kenya may have reported misleading books of accounts for at least seven years, raising fears that the unit requires fresh capital injection to firm up operations.

The multinational says it has discovered that MUA Kenya, in which it owns a controlling 66.38 percent stake, has been understating its liabilities at least since 2017.

The firm is prepared to inject new capital to shore up MUA Kenya's reserves following the findings that raises concerns over the quality of oversight in the insurance sector in the country.

"The company's board of directors has taken cognisance of provisional findings of reviews carried out by management on the reserves...