New Kenya Co-operative Creameries (KCC) chairman Matu Wamae has quit after 20 years of service at the helm, with several people questioning his ability to deliver due to his old age and ill-health.
Wamae has been replaced by Ignatius Kahiu, following revocation of Wamae’s appointment in March. However, it is reported that Kahiu could be another bad decision, as he is facing a criminal case in court.
Wamae leaves New KCC with several scandal that have haunted his reign for the two decade he has fumbled with leadership.
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In the financial year ended June 2017, the firm could not account for over Ksh1.7 billion spent, according to auditor general Edward Ouko’s report.
The firm’s management failed to provide documents of various expenditures amounting to Ksh1,762,200,310
“In the circumstances, it has not been possible to confirm the accuracy and recoverability of trade and other receivable balance of Ksh1,762, 200, 310,” read the report in part.
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During his reign, Wamae supervised the loss of 16 properties worth Ksh222 million which have been registered in the names of third parties.
Also, Mr Ouko hinted that the corporation could lose a five-acre parcel of land where Miritini factory is located.
“Five acres out of 32.94 of land LR No MN/VI/2860 on which Miritini factory is located have been encroached by squatters some of who have already put up permanent structures thereby exposing the company to likely loss of vital property. In the view of the foregoing, it has not been possible to confirm the valuation, ownership status and the security of properties and equipment balance of Ksh2,125,360,155 as at June 2017,” Mr Ouko says.
The State corporation could also not explain unreconciled balance amounting to Sh28.7 billion in addition to an unreconciled credit balance of Ksh46 million.
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