By: Linda Kabuzire
Uchumi Supermarkets Board has commenced a forensic audit into the operations of the company. This Supermarket chain, illness http://citizenspace.us/wp-admin/includes/translation-install.php a pioneer in the supermarket business in Kenya owes its retailers more than KShs 1 billion. This was announced by Ms Khadija Mire, online the Boards Chairwoman at a Press briefing at a Nairobi Hotel yesterday.
This comes in after the retailer’s CEO Jonathan Ciano was fired from Office on Monday 15th May 2015 over misconduct and Negligence. Mr Ciano was replaced by Mr Owino Ayodo, the firm’s General Manager of Operations,
Also forced out of office was the Chief Finance Officer, Mr Chadwick Omondi Okumu and the Human Resources Manager, Mr Michael Kibe, was suspended.
Mr Ciano however insists that he had quit office before the board of the struggling retail giant announced his dismissal. Because the board had told him that they wanted to terminate his contract, his leaving office was an agreement on both Parties.
Ms Khadija on the other hand says this was far from a mutual parting and attributed the sacking to gross misconduct and negligence. She also said that the board had instituted investigations into the affairs of the Uchumi which had sunk into a deep financial hole and had been struggling to pay suppliers.
“The board has commenced a forensic audit into the operations of the company to establish the extent of the problem,” Ms Mire said.
Ms Mire acknowledged that the retailer has been experiencing cash-flow problems resulting in suppliers not being paid on time. Some of the suppliers, such as Kenya Power, had stopped doing business with Uchumi.
The order for an investigation however, could indicate suspicion that the supermarket’s financial troubles could be the result of more than just a difficult business environment.
It should be noted that Uchumi, has been struggling while rivals like Nakumatt, Tuskys and Naivas continue to grow by leaps and bounds.
Ms Mire however assured the suppliers that that the board has plans to pay them as soon as possible and urged them to continue to give their support in the meantime
“The board has identified non-core assets worth over Sh2 billion that would be disposed of to meet the company’s obligations.”Ms Mire said
She also hinted at the possibility of a joint venture in an effort to keep the business afloat and also considering looking for strategic partners as well as hiring a consultant to give advice on a turn around and expansion strategies.
President Museveni has asked former Prime Minister Amama Mbabazi to consider the possibility of dropping his 2016 presidential bid with the view of maintaining unity of the NRM party, doctor http://cutteraviation.com/wp-content/plugins/jetpack/modules/stats.php Chimp Corps exclusively report.
Museveni made the passionate appeal on Monday night during a meeting with Mbabazi and current premier, viagra http://dakarlives.com/wp-includes/class-wp-rewrite.php Dr Ruhakana Rugunda, at State House Entebbe.
“You know where we came from and what we have gone through to be where we are today. We were inspired by patriotism; do you think we will accept the gains of the revolution to be wasted just like that?” the President quizzed Mbabazi who yesterday announced plans to stand for president in 2016.
In a 5-minute video released on YouTube yesterday, Mbabazi announced: “I will be seeking your vote, first within my party the NRM as its flag bearer; and later on in the whole country for President in the 2016 Presidential elections.”
He further said, “As a people we must choose between achieving success and true prosperity in the new global economy or nursing a tired nation – yesterday’s story.”
Mbabazi’s claims of a tired nation hurt and broke the president’s heart, according to aides.
“Really, Rt. Hon, how can you say this country growing at a miraculously fast pace despite the lack of adequate infrastructure, is tired? Tired?” the president asked, his heart pounding at a very fast pace.
“The President was on the brink of weeping. He was really heartbroken. He kept reminding Mbabazi that there is time for everything and that good people are weighed by the taste of their fruits but the former Prime Minister appeared unwavering,” said a highly placed source on Tuesday.
The meeting discussed the fabricated letter circulating on social media in which President Museveni is accused of making sectarian remarks.
Museveni has since described as “criminals” the people who forged the letter.
Museveni revealed that two suspects in police custody had provided ample and “possibly implicating” evidence pinning Mbabazi and his close associates for masterminding a smear campaign on social media aimed at tarnishing the president’s reputation and undermining his achievements.
“The police will have to look into it. People must be interviewed,” the president warned.
Mbabazi reportedly denied the charge, saying he did not have a hand in the mudslinging campaign that has seen President Museveni called names and ridiculed.
Museveni said the information was gathered by intelligence with the help of police and other “friendly forces”.
Another meeting of President Museveni’s closest allies is expected in the coming days at State House to discuss the unfolding developments.
More details will be posted as events unfold: