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How true is FEP??
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marko
#171 Posted : Thursday, May 10, 2018 9:36:24 PM
Rank: Member

Joined: 1/7/2007
Posts: 838
I see FEP is back. They are advertising on primetime.
WHO DARES WINS
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aemathenge
#172 Posted : Friday, May 11, 2018 12:44:35 AM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
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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aemathenge
#173 Posted : Saturday, May 12, 2018 6:49:30 PM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
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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newfarer
#174 Posted : Sunday, May 13, 2018 2:00:19 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
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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  | | Edit by user: Sunday, May 13, 2018 2:02 PM | Reason: Not specified
sparkly
#175 Posted : Sunday, May 13, 2018 4:06:32 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
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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  | | Edit by user: Sunday, May 13, 2018 4:07 PM | Reason: Not specified
aemathenge
#176 Posted : Friday, October 12, 2018 8:59:35 AM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
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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obiero
#177 Posted : Friday, October 12, 2018 7:13:33 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,211
Location: nairobi
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..

KQ ABP 4.26
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jmbada
#178 Posted : Saturday, June 08, 2019 3:34:06 PM
Rank: Member

Joined: 1/1/2011
Posts: 396
FEP story to feature in tomorrow's Sunday Nation. Terrrennn terrennn.
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FUNKY
#179 Posted : Sunday, June 09, 2019 12:56:21 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
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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obiero
#180 Posted : Sunday, June 09, 2019 1:01:26 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,211
Location: nairobi
FUNKY wrote:
jmbada wrote:
FEP story to feature in tomorrow's Sunday Nation. Terrrennn terrennn.

https://www.nation.co.ke...50102-7pbnq0/index.html

Bure kabisa

KQ ABP 4.26
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