Nairobi, Aug. 16 -- Lamu Governor Issa Abdalla Issa Timamy is part of a group of investors in line to buy majority stakes in two insurance firms from South Africa's Absa Group.

Regulatory filings and court documents show the governor is a director and shareholder of First Assurance Investments Limited - the vehicle buying the majority stakes in Absa Life Assurance and First Assurance Kenya Limited.

Absa Group on Thursday last week announced it has signed an agreement to sell its 63.3 percent stake each in the two companies as the South African financial giant exits the insurance business in several African countries, including Botswana, Zambia and Mozambique.

A search at public registry revealed that First Assurance Investments Limited...