Financially struggling State-run sugar millers are steeped in staggering debts to the tune of Sh90.4 billion, a report prepared by the national sugar task force says. The amount includes outstanding loans, taxes, penalties and fines due to the government. The report says the dismal performance of the millers indicated that their long-term lenders, mostly the […]
Tag: mumias sugar
What Paul Muthaura delivered as CMA Chief
Mr Paul Muthaura was at the helm of the regulator for more than seven years. PHOTO | SALATON NJAU | NMG After slightly more than seven years at the helm of the Capital Markets Authority (CMA), a soft-spoken Paul Muthaura has exited, leaving behind a mixed legacy. Mr Muthaura had the option of seeking another […]
KCB barred from selling Mumias after takeover
Mumias Sugar Company entrance. FILE PHOTO | NMG The High Court Thursday extended orders stopping sale of the assets belonging to the troubled Mumias Sugar Company. The court said the status quo be maintained, meaning that the Kenya Commercial Bank and its receiver manager will not sell any assets belonging to the sugar miller or […]
CMA to name and shame listed firms that fail to live by rules
Nairobi Securities Exchange. FILE PHOTO | NMG The Capital Markets Authority (CMA) will from next year name and shame listed firms that breach set boardroom rules and corporate governance standards in a move meant to cut the risk of loss for investors. The regulator says that exposing the errant firms will help bridge compliance gaps […]
Auditor report flags Sh5.5 billion loss at Kenya Railways
President Uhuru Kenyatta launches the SGR Cargo train at the port of Mombasa. A Sh5.5 billion loss at Kenya Railways has cast doubts on the viability of funds pumped into various parastatals bail them out of cash crises. An audit report by the Office of the Auditor General further shows the railways parastatal is unable […]
Late payments, high taxes and a credit freeze: A perfect storm for Kenyan firms
Businesses in Kenya are going through a rough patch. A number of listed companies have missed the financial reporting deadlines and some have gone into administration for a number of reasons, some internal, but for the most part, external. This has sent mixed signals to investors, coming after the World Bank released its Ease of […]
EDITORIAL: Bailouts not the answer to bitter sugar sector woes
Agriculture secretary Mwangi Kiunjuri. FILE PHOTO | NMG Revelations that sugar farmers must wait longer to get paid for cane deliveries despite President Uhuru Kenyatta’s Mashujaa Day directive that they be paid immediately are disconcerting. Agriculture secretary Mwangi Kiunjuri says there is need to conduct an audit to separate genuine growers from fraudulent individuals seeking […]
Mumias turns to generators after power cut over debt
The Mumias Sugar Company. FILE PHOTO | NMG The management of troubled Mumias Sugar Company on Monday opted to switch to diesel generators to sustain operations after Kenya Power disconnected electricity supply over a Sh2 billion debt. Kenya Power disconnected the supply on Saturday as the miller was preparing to start ethanol production while finalising […]
Troubled Mumias Sugar Company faces auction
Mumias Sugar company has yet again found itself into deep trouble after auctioneers issued a notice demanding for Sh13 million through a labour row awarded by the High Court in Kisumu. The money was awarded to Pamela Luttah after she sued Mumias for wrongful termination of her contract in 2015, where she worked as the […]
Limping firms on the spot as ARM woes bite
Nairobi Securities Exchange CEO Geoff rey Odundo observing daily trading at the bourse on August 22, 2017/ENOS TECHE Capital Markets Authority yesterday suspended Athi River Mining Cement from trading at the Nairobi Securities Exchange after the firm was placed under administration on Friday. A public notice said shares of the cement-maker will remain suspended from […]