Kumbe si Waiguru, Kabura and Gethi Peke

Mr Simon Peter ole Nkeri, MD of East African Portland Cement Company and Mr Kephar Tande, the former MD
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Courtesy: Gazeti Ile Moja ya Kenya

Mr Ouko, in an audit report prepared on his behalf by consultancy firm Deloitte, says that Portland’s current liabilities of Sh4.96 billion have grossly exceeded its current assets of Sh2.11 billion, leaving it technically insolvent. This means that if EAPCC creditors recalled their liabilities today, the State-owned cement firm would not be in a position to settle them within one year.

The auditors also noted that the cost of some spare parts had been inflated. In one case, an item whose actual cost was Sh1.93 million had been recorded as Sh19.2 million, indicative of possible fraudulent dealings. Yet another worrisome finding was unapplied receipts totalling Sh1.7 billion.

The larger portion of Portland’s current liabilities is in trade and payables – money it owes suppliers – totalling Sh2.5 billion while the rest is made of unpaid dividends, bank overdraft and part of a long-term debt.
It also found operational gaps that may have been exploited by unscrupulous employees to enrich themselves, raising the possibility that its stocks have been overstated by Sh791 million. The cement maker said efforts were ongoing to fix loopholes in its operating system.

East African Portland Cement Company Limited is a leading manufacturer of quality cement in East and Central Africa. The company has been operating for the last Eighty Two (82) years making it the oldest with the most experience among others of its kind in the region. Having been the lifeline of the national construction industry, the company has played a central role the building of our nation and the region.
Located in Athi River in the outskirts of Nairobi City, EAPCC is committed to providing quality cement and innovative cement products that consistently meet and exceeds the quality and value expectations of its customers and delivered to all its stake holders.

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:eek::eek::eek:

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computer error

Most unprofessionally run company I have ever dealt with

You beat @Jakoyo in his game. Anyway, hii nyama imeliwa saaaidi na saaaidi… this is veeery saad. Does it mean the best gift Kenyans can give to the world is theft, theft & theft ??

This is how the feeding is going on at GoK

https://www.youtube.com/watch?v=DNKfucd0HYo

Messrs Ole Nkeri and Tande are not mungikis, so there’s no way they can steal. Wamewekerewo bonoko. Money has been poured to finish them. These are just “outliers”.
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That, or their mothers were “known” (in the biblical sense) by mungikis, which is also highly improbable because these same mungikis are known to have poor bedroom skills. Enyewe hii ni ngumu.

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Not surprised… Give a kenyan a big company to manage and he will surely run it down.

Nilikuwa na tafuta pesa huku, nimeona nitafanya kazi alafu nisilipiwe. Then auctioneers wanivamie nyumba alafu bank iniweke kwa CRB.

We believe everything came from the soil, and should go back to the soil.

Niiiiice :D:D:D:D

At this rate surely si tutakya the world’s poorest nkt.

Napitia tu. Tuendelee kula nyama. kwani iko nini? ?