This letter lays out the sham of leadership and management that has been going on at Centum Investment Company. You need to carefully analyze the audited financial statements going back the last 5 years to verify the facts that are laid out in this letter. If it were a private limited company, then there would be no need for this. However, it isn’t. The management in charge of this public limited company has gone rogue and needs to stop.
Before we go into details, we would like to state why we are doing this. First, we love the company as former employees, we and our families have been forced to pay for the sins of a leader who has gone rogue. Over 40 staff members have been made redundant this year and many more have been forced to leave due to a toxic work environment. The Group CEO blames everyone for the failures of the business, especially employees, instead of taking responsibility (as a real leader should). In this, the crusade against employees, the company will have saved a mere KES 100 million annually, in staff expenses while it bleeds a whooping KES 2.7 BILLION shillings annually in interest expense (which is growing fast, because of the compounding nature of interest). Secondly, we are doing this because we have no other choice, we did not have an avenue for whistleblowing in the business that is independent and objective. If this was possible, we would have brought it to the board’s attention earlier. So, we have chosen to take accountability of the firm to higher authorities than the Group CEO, who is a feared demi-god in the organization. Therefore, we invite you dear reader to review the contents of this letter and make your own objective conclusions.
Your review may lead you to the conclusion that there is more than an 80% chance that the asset values of the Company’s real estate portfolio are inflated. If you are aware with the Evergrande Crisis in China, then you will be able to see the similarities between that real estate company and Centum Real Estate’s business model.
In your detailed assessment, we hope you see that the Company is operating on a ‘spend now and think later’ model where all money is spent in advance of income being realized. Additionally, you will also discover (only if you do a detailed review) the intricate web of […]