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How true is FEP??
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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enyands wrote:enyands wrote:muandiwambeu wrote:enyands wrote:wazuaguest wrote:murchr wrote:enyands wrote:murchr wrote:kimanimsc wrote:Group loss for the year 2015-- Kshs. 905,738,737.
Fountain MF Bank loss for the year 2015 -- Kshs. 42,9002,633 This is an improvement from the loss last year. How much is their assets worth? Is MF bank Credit bank? No they are different companies. Mf reports to fep group,credit bank reports to cbk.they just bought stake in credit bank.   Every year 1B + in losses and people are still injecting their money?this is the real voodoo. jinxed pple Quote: The Rural Electrification Authority (REA) has awarded five companies contracts to connect more homes to the national power grid.
The $63.465 million (Sh6.4 billion) project is financed partly by the Government. The State injected Sh1.6 billion into the project while international financiers — Arab Bank for Development, Saudi Fund for Development and OPEC Fund for Development — will contribute the remainder.
The project is divided into five lots covering Nyanza/Western, North Rift, South Rift, Mt Kenya/Upper Eastern and Lower Eastern/Coast regions.
During the official contract signing ceremony yesterday, REA chairman Simon Gicharu revealed that the projects would extend electricity to 591 public facilities covering 35,460 households in the five regions. REA awarded Lomas & Lomas the contract for the supply and installation of power lines and associated transformers in the Nyanza/Western region.
Chinese firm Sinotec won the contract to connect power lines in the North Rift region while Fountain Technologies will cover South Rift. Magnate Ventures will handle Mt Kenya/Upper Eastern while Eswari Electricals Ltd (a joint venture with Wayne Homes) will supply and install 33kv, 11kv lines, transformers and low voltage networks in the lower Eastern and Coast regions. The parastatal also picked Aberdare Engineering as supervising consultants for the project  not bad news after all LINKAlso not bad news at all
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Rank: Hello Joined: 7/11/2016 Posts: 2 Location: japan
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Over the past nine years, GFL has emerged as a leader in the environmental services industry in Canada, providing one-stop-shop environmental service solutions to more than 39,000 commercial customers across Canada, green for life. Since its founding in 2007, the company has grown to operate in every Canadian province except Prince Edward Island.
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Rank: User Joined: 1/20/2014 Posts: 3,528
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At this rate you will catch up with impunity on number of posts Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Hello Joined: 3/27/2012 Posts: 4
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There have been a raft of new developments at FEP Holdings including management changes that have set the company on growth trajectory, there revenues of the various business units are on a growth path. You actually can catch glimpse of this changes in their recently published FEP Business Quarterly Magazine via http://www.fep-group.com...ness-quarterly-magazine/
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Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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Quote:FEP replaces CEO Korir with ex-chief executive Kithaka
“FEP Holdings Ltd board of directors wishes to announce the resignation of the chief executive officer, Mr Maurice Kimutai Korir effective March 8, 2018,”read a statement.
“The board has appointed Dr John Muchira Kithaka to the position of the group executive director with immediate effect.”
The firm’s board linked the management shake up to need to conform to a changing investment landscape.
“The board wishes to assure shareholders and stakeholders, both local and in diaspora, that the corporate leadership changes are aimed at aligning and strengthening the group’s organisational structure to ensure we meet evolving investor expectations,” it said.
Source Link
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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I have noted their visibility in the last week on TV (including the big 5 channels), on print and on bill boards. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Pesa Nane wrote:I have noted their visibility in the last week on TV (including the big 5 channels), on print and on bill boards. Have they announced results? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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Stay away from this company of con men mascarading as men of the cloth. #THIEVES History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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BGL wrote:Stay away from this company of con men mascarading as men of the cloth. #THIEVES Worry not! I am very far away. Far far away. Pesa Nane plans to be shilingi when he grows up.
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Rank: Member Joined: 1/7/2007 Posts: 838
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I see FEP is back. They are advertising on primetime. WHO DARES WINS
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Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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marko wrote:I see FEP is back. They are advertising on primetime. What precisely are "they" advertising about? Forgive my ignorance for I do not watch television.
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Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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BGL wrote:Stay away from this company of con men mascarading as men of the cloth. #THIEVES If you are aggrieved, then do something about it. Join other petitioners. Quote:Re-Brand and Restructure FEP Holdings Limited and its Associated Companies
FEP Holding Limited (Fountain Enterprise Program) is a public company limited by shares in which over 77,000 Kenyans of all walks of life both in Kenya and in the diaspora pooled resources by buying shares in the company and its associated affiliated companies between the period 2012 to 2017 with big promises of:
• Big bonuses from 2013 onwards and
• Ownership of a bank in 2015.
In all, close to over Five (5) billion Kenya Shillings was mobilized and or collected.
However, due to:
1. A startling poor management
2. Outright theft
3. Embezzlement
4. Fiddling of books of accounts of such companies as the group SACCO
5. Corrupt allocation of shares
6. Miss-procurement of over prized assets such as parcels of land, motor vehicles
7. Hiring of idle and incompetent staff members
8. Renting of unnecessary office spaces in with exorbitant rentals
9. Insider trading
10. Conflict of interest issues
Among a host of other matters has brought the company to its knees.
The Shares holders have been left to hold on to empty share certificates (if any has been issued) as the cash reserves and assets have been depleted and wasted.
The strong hold of the Founder and his cronies on the Management, Board and the Advisory Council has left the Company playing 2nd fiddle and jumping to his whims, disastrous adventures with resultant huge losses detriment to the company and the welfare of the shareholders.
This has left the company exposed and largely entangled to a corrupt network operating within the holding company and all of its affiliates.
Shareholders have had little or no access to correct information and true reflection of the actual status of the company as secrecy, lack of openness and the silencing of shareholders and any vocal whistle blower has continued unabated.
The "Power of Many" must now more than never be put to task.
Shall we seat back and watch the loss of over Kshs 5 Billion get wasted and plundered to the benefit of a few or shall we awake to reclaim what is truly ours?
Should you agree, sign the Petition with full official name as per the share purchase application form, share certificate or name as it appears on the Company share register.
Please share the message to other fellow shareholders and persons of interest in the company.
This Petition is being organized by Investor Trustee Group (ITG) which is a group of volunteers shareholders like you who wish to exercises their powers as vested in the Company Memorandum and Articles and the Companies Act CAP 486 (2015) and empowering provisions of the Kenyan Constitution 2010.
LINK To Signature Petition Page
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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seems like people have really waited to see Fep fall to their disappointment.this thread has run since 2012.good to see fep has held on.it is not easy to satisfy over 200000 members.great companies go through seasons.if anyone has evidence of malpractices on management of Fep why not produce it in court? punda amecheka
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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I attended the open day at Kisima Lukenya Park yesterday 12th May 2018. I have a plot there bought in 2013 so wanted to know progress of infrastructure work. Take away from the meeting: 1. Phase one - Gate house done, Perimeter wall ongoing. Power on site. 1 bore hole sunk. 2. Phase 2- Started selling from KShs 1.6 per 1/8 acre plot. 4 star hotel. Some courtyards 1/4 acres reserved for Eagle Tai group (this is high end for the Directors and their ilk). Courtyards also reserved for diaspora and chinese investors. 3. Whole project - Mombasa rd to Daystar being tarmacked. 60m road to terminate at Kisima. In talks to buy adjacent 94 acres. Controlled development with uniform gray/black roofs. Credit Bank to finance construction, FEP construction company to do actual construction. 4. Aside from the project update, there was some sweet-talking and politicking by the Directors. Scripted speeches, scripted testimonials and scripted cheering on minor points. 5. Attendance was around 100 people but more than half were FEP employees. 6. The fate of FEP relies on the vision and charisma of Dr. Kithaka which he got plenty of. Without him FEP is a headless chicken. He can do the investors a huge favour by concentrating on FEP and consolidating the business with the help of a strong management. Life is short. Live passionately.
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Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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Copy and Paste Extract Quote:Audit firm PKF Kenya has raised queries on the financial health of investment firm Fountain Enterprises Programme (FEP) Holdings after its fiscal results for 2017 indicated that its liabilities exceeded its assets by Sh339 million.
According to the company’s 2017 annual report released a fortnight ago, FEP incurred a net loss of Sh649 million in the year ended December 31 and had Sh3 billion accumulated losses against its current Sh2.5 billion net assets.
In 2016, the diaspora-backed firm posted Sh100 million as profit for the year.
PKF, however, noted that due to absence of supporting documentation of FEP subsidiaries Fountain Technologies (T) Limited, Fountain Technologies Uganda Limited and Mobikash Afrika Limited, it could not obtain audit evidence of the chama’s financial results.
“These conditions (loss and liabilities), along with other matters … indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” said PKF Kenya.
FEP, which boosts a membership of 200,000 people out of which investors are 70,000, has investments in the real estate, savings and loans, insurance and technology sectors.
Its outgoing chairman Erastus Mwongera blamed the firm’s poor financial performance on the prolonged electioneering period and adverse weather conditions that he said affected the economy.
“This resulted to us taking a conservative approach in operations and business while staying alert to identifying new opportunities and building on existing ones,” said Mr Mwongera who retired from the board last month.
The firm is now eyeing its mobile money lending product instaloan and the real estate business to steer it back to profitability. Source Link From The Business Daily
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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aemathenge wrote:Copy and Paste Extract Quote:Audit firm PKF Kenya has raised queries on the financial health of investment firm Fountain Enterprises Programme (FEP) Holdings after its fiscal results for 2017 indicated that its liabilities exceeded its assets by Sh339 million.
According to the company’s 2017 annual report released a fortnight ago, FEP incurred a net loss of Sh649 million in the year ended December 31 and had Sh3 billion accumulated losses against its current Sh2.5 billion net assets.
In 2016, the diaspora-backed firm posted Sh100 million as profit for the year.
PKF, however, noted that due to absence of supporting documentation of FEP subsidiaries Fountain Technologies (T) Limited, Fountain Technologies Uganda Limited and Mobikash Afrika Limited, it could not obtain audit evidence of the chama’s financial results.
“These conditions (loss and liabilities), along with other matters … indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” said PKF Kenya.
FEP, which boosts a membership of 200,000 people out of which investors are 70,000, has investments in the real estate, savings and loans, insurance and technology sectors.
Its outgoing chairman Erastus Mwongera blamed the firm’s poor financial performance on the prolonged electioneering period and adverse weather conditions that he said affected the economy.
“This resulted to us taking a conservative approach in operations and business while staying alert to identifying new opportunities and building on existing ones,” said Mr Mwongera who retired from the board last month.
The firm is now eyeing its mobile money lending product instaloan and the real estate business to steer it back to profitability. Source Link From The Business Daily We told you it was a scam..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Member Joined: 1/1/2011 Posts: 396
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FEP story to feature in tomorrow's Sunday Nation. Terrrennn terrennn.
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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jmbada wrote:FEP story to feature in tomorrow's Sunday Nation. Terrrennn terrennn. https://www.nation.co.ke...150102-7pbnq0/index.html
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Rank: Elder Joined: 6/23/2009 Posts: 13,501 Location: nairobi
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Bure kabisa
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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