Mumias to sue those who caused Sh1.2bn loss
What you need to know:
- The company, said board of directors’ chairman Dan Ameyo and CEO Coutts Otolo, would press criminal charges against the culprits and have them compelled to return the money.
- Shareholders, farmers and the management resolved to close the company’s offices in Nairobi and relocate them to Mumias to reduce costs.
Mumias Sugar Company will press charges against individuals who made it to lose more than Sh1.2 billion in fraudulent deals.
The company, said board of directors’ chairman Dan Ameyo and CEO Coutts Otolo, would press criminal charges against the culprits and have them compelled to return the money.
He said the management was engaging creditors to restructure the company’s huge debts.
“We have covered a lot of ground already and believe we will be on the right track in terms of performance and operations,” Mr Ameyo told journalists in Kisumu on Friday after the company’s annual general meeting.
He said the factory could resume operations before the end the month.
Shareholders, farmers and the management resolved to close the company’s offices in Nairobi and relocate them to Mumias to reduce costs.
