Heard it from an employee. Itll be in the news by Friday.

Ion...great future for uchumi ahead..http://www.nation.co.ke/lifestyle/smartcompany/Why-Uchumi-job-came-at-the-right-time-for-Kipng-etich-/-/1226/2853746/-/jvqau3/-/index.html

Luckily it will take a few months to turn it around. This company has the goodwill of Kenyans like scom. They just need to keep their shelves full and stop the theft..

Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.

“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said.

Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.

However, they admit that it is their responsibility to cross check the facts presented.

“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.

Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks.