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Mumias FY 2014
Rank: Elder Joined: 8/16/2011 Posts: 2,261
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Mumias Sugar Company will move to court to recover Sh1.2 billion allegedly embezzled by former managers.
Last year, Mumias hired audit firm KPMG to probe irregular importation of sugar by the company that cost it billions of shillings. The audit report established that some senior managers were allegedly involved in illegal importation.
Speaking on Friday during the Company’s Annual General Meeting in Kisumu, board chairman Dan Ameyo said they are ready with all necessary documents to press charges against those involved in the scam. “From the KPMG report, it is clear money was lost. We are ready to do this as early as next month through the courts,” he said.
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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RearView wrote:mawinder wrote:RearView wrote:MaichBlack wrote:Fyatu wrote:I visited tuskys yesterday (a mashinani one) and made a very interesting observation. Most shoppers were buying jogoo, exe, and even hostess(ignoring pembe, taifa etc) as far as flour was concerned. When it came to sugar most were buying the clean and white Sony sugar ignoring that ugly-looking-tuskys-branded sugar, suggesting Kenyans know their brands and want to use them at home. The question to ask is why is mumias sugar not on the shelves? It used to be the clean white(no pun) sugar that everyone was piling on their baskets. Guys at Mumias must pull up their socks. When is the last time a Mumias sugar ad came on tv,radio, newspaper or even social media? Its either management is full of 'akili za kukus' i mean chicken brains or this is clear sabotage Was at Nakumatt on Sunday and also straight away noticed Mumias Sugar was missing on the shelves. What happened to all the stock that was apparently in stores due to the flooding of the market with cheap sugar. I made the same observation, had to pick sony. Has the factory not opened yet? You are too Nairobised, you must realize that Mumias mostly bags its sugar in 50kg bags and not those 2kg and 1 kg packs for people like you!!!!!!!!! Is that so? Porojo tupu. Mumias was the first to brand sugar and they have never looked back since. The packaged Mumias sugar you have always seen in supermarkets must have been a figment of your own imagination according mawinder. Don't always take him too seriously. He mutates - from a manager for hired hit men from Gachie to a private detective busting cheating spouses to his current form of a chilled out villager in some sleepy corner of Kenya! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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MaichBlack wrote:RearView wrote:mawinder wrote:RearView wrote:MaichBlack wrote:Fyatu wrote:I visited tuskys yesterday (a mashinani one) and made a very interesting observation. Most shoppers were buying jogoo, exe, and even hostess(ignoring pembe, taifa etc) as far as flour was concerned. When it came to sugar most were buying the clean and white Sony sugar ignoring that ugly-looking-tuskys-branded sugar, suggesting Kenyans know their brands and want to use them at home. The question to ask is why is mumias sugar not on the shelves? It used to be the clean white(no pun) sugar that everyone was piling on their baskets. Guys at Mumias must pull up their socks. When is the last time a Mumias sugar ad came on tv,radio, newspaper or even social media? Its either management is full of 'akili za kukus' i mean chicken brains or this is clear sabotage Was at Nakumatt on Sunday and also straight away noticed Mumias Sugar was missing on the shelves. What happened to all the stock that was apparently in stores due to the flooding of the market with cheap sugar. I made the same observation, had to pick sony. Has the factory not opened yet? You are too Nairobised, you must realize that Mumias mostly bags its sugar in 50kg bags and not those 2kg and 1 kg packs for people like you!!!!!!!!! Is that so? Porojo tupu. Mumias was the first to brand sugar and they have never looked back since. The packaged Mumias sugar you have always seen in supermarkets must have been a figment of your own imagination according mawinder. Don't always take him too seriously. He mutates - from a manager for hired hit men from Gachie to a private detective busting cheating spouses to his current form of a chilled out villager in some sleepy corner of Kenya! Oh. And I forgot @ mawinder the petrol pump attendant who 'used to make tens of thousands (or was it hundreds of thousands) per day' by stealing from customers through under fueling till someone proved it was mathematically impossible. He defended his claims that he used to fuel mostly trailers. This was also mathematically shot down. I don't remember how that story ended. My point? Mawinder will say anything! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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MaichBlack wrote:RearView wrote:mawinder wrote:RearView wrote:MaichBlack wrote:Fyatu wrote:I visited tuskys yesterday (a mashinani one) and made a very interesting observation. Most shoppers were buying jogoo, exe, and even hostess(ignoring pembe, taifa etc) as far as flour was concerned. When it came to sugar most were buying the clean and white Sony sugar ignoring that ugly-looking-tuskys-branded sugar, suggesting Kenyans know their brands and want to use them at home. The question to ask is why is mumias sugar not on the shelves? It used to be the clean white(no pun) sugar that everyone was piling on their baskets. Guys at Mumias must pull up their socks. When is the last time a Mumias sugar ad came on tv,radio, newspaper or even social media? Its either management is full of 'akili za kukus' i mean chicken brains or this is clear sabotage Was at Nakumatt on Sunday and also straight away noticed Mumias Sugar was missing on the shelves. What happened to all the stock that was apparently in stores due to the flooding of the market with cheap sugar. I made the same observation, had to pick sony. Has the factory not opened yet? You are too Nairobised, you must realize that Mumias mostly bags its sugar in 50kg bags and not those 2kg and 1 kg packs for people like you!!!!!!!!! Is that so? Porojo tupu. Mumias was the first to brand sugar and they have never looked back since. The packaged Mumias sugar you have always seen in supermarkets must have been a figment of your own imagination according mawinder. Don't always take him too seriously. He mutates - from a manager for hired hit men from Gachie to a private detective busting cheating spouses to his current form of a chilled out villager in some sleepy corner of Kenya! Oh. And I forgot @ mawinder the petrol pump attendant who 'used to make tens of thousands (or was it hundreds of thousands) per day' by stealing from customers through under fueling till someone proved it was mathematically impossible. He defended his claims that he used to fuel mostly trailers. This was also mathematically shot down. I don't remember how that story ended. My point? Mawinder will say anything! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Going to court is a good idea, however knowing our courts nothing may come out of the court cases.
The best that can happen is that those whose craws are open to still more may be discouraged.
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Rank: Elder Joined: 8/16/2011 Posts: 2,261
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As the Comesa safeguards comes to an end coming February will the govt have sold its share holding in Mumias or will retain the 20%. Who are the private buyers in this case and what will they do to turn around and churn profits. What role will KSB(Kenya sugar board) play after privatisation? How will the private dealers make money?
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Rank: Member Joined: 9/13/2006 Posts: 123
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talk about a successful company being brought down to fund political careers. this is one company the government has been wasting money on by bailing out. the fact remains sugar production in Kenya is not feasible. even a standard two pupil can do that maths. we cannot compete with Egypt, sudan and Uganda due to our cost of production at farm level and electricity at factory level. but an interesting fact remains that there are another 3 new sugar companies coming up - 1 in kwale and 2 in western. and you wonder seriously what is happening? some thing fishy at the sugar board?? maybe hidden subisdies being dished out or lucrative importation licences?
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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pops wrote:talk about a successful company being brought down to fund political careers. this is one company the government has been wasting money on by bailing out. the fact remains sugar production in Kenya is not feasible. even a standard two pupil can do that maths. we cannot compete with Egypt, sudan and Uganda due to our cost of production at farm level and electricity at factory level. but an interesting fact remains that there are another 3 new sugar companies coming up - 1 in kwale and 2 in western. and you wonder seriously what is happening? some thing fishy at the sugar board?? maybe hidden subisdies being dished out or lucrative importation licences? You don't know anything about sugar my friend. Sugar production is very feasible in Kenya, just ask the Asians who have set up factories throughout Western including West Kenya, Kabras, Kibos, Sukari (2 factories), busia etc. All the new sugar production in Ug. is from privat sector players. The gava needs to get out of the sector to allow the industry to swim or sink on its own. Some gava bodies like KSB are just there to add unnecessary costs (they take 4% of sales), can you imagine 4% of sales, for many FMCG's, thats the profit margin. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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Obi 1 Kanobi wrote:[quote=pops]talk about a successful company being brought down to fund political careers. this is one company the government has been wasting money on by bailing out. the fact remains sugar production in Kenya is not feasible. even a standard two pupil can do that maths. we cannot compete with Egypt, sudan and Uganda due to our cost of production at farm level and electricity at factory level. but an interesting fact remains that there are another 3 new sugar companies coming up - 1 in kwale and 2 in western. and you wonder seriously what is happening? some thing fishy at the sugar board?? maybe hidden subisdies being dished out or lucrative importation licences? You don't know anything about sugar my friend. Sugar production is very feasible in Kenya, just ask the Asians who have set up factories throughout Western including West Kenya, Kabras, Kibos, Sukari (2 factories), busia etc. All the new sugar production in Ug. is from privat sector players. The gava needs to get out of the sector to allow the industry to swim or sink on its own. Some gava bodies like KSB are just there to add unnecessary costs (they take 4% of sales), can you imagine 4% of sales, for many FMCG's, thats the profit margin.[/quote @obi I quite agree with you to some extent but don't you think that leaving the sugar sector to private players will leave small scale farmers at the hands of this sharks? The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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You either chose capitalism or socialism ( I guess that why they call it communism) not a mixture.. now choose
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Rank: Member Joined: 9/13/2006 Posts: 123
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@obi 1 kanobi: you are very wrong like the politicians in western. sugar production in Kenya is feasible only with comesa safeguards. just compare our cane prices with those elsewhere. Open up to comesa and we will be getting sugar at half the price in the market. Uganda and the other countries can afford production at that price. we cannot without government intervention.
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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pops wrote:@obi 1 kanobi: you are very wrong like the politicians in western. sugar production in Kenya is feasible only with comesa safeguards. just compare our cane prices with those elsewhere. Open up to comesa and we will be getting sugar at half the price in the market. Uganda and the other countries can afford production at that price. we cannot without government intervention. What makes it cheap to produce sugar in Uganda, Sudan, Egypt etc.? Is it something that cannot be replicated in Kenya? Why? Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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MaichBlack wrote:pops wrote:@obi 1 kanobi: you are very wrong like the politicians in western. sugar production in Kenya is feasible only with comesa safeguards. just compare our cane prices with those elsewhere. Open up to comesa and we will be getting sugar at half the price in the market. Uganda and the other countries can afford production at that price. we cannot without government intervention. What makes it cheap to produce sugar in Uganda, Sudan, Egypt etc.? Is it something that cannot be replicated in Kenya? Why? Which country to you live in? Who's your Gavana? You reward thieves, with power. What do you expect? Hii nchi iko na wenyewe. The cash I've lost on Mumias... wacha tu 
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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If sugar production was not feasible why would the Asians and international investors be busy setting up factories in Kenya. the money doesn't lie, the numbers don't lie. mumias has gone Down because of corruption and not because sugar is not feasible. FACT The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 7/22/2009 Posts: 7,452
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Mukiri wrote:MaichBlack wrote:pops wrote:@obi 1 kanobi: you are very wrong like the politicians in western. sugar production in Kenya is feasible only with comesa safeguards. just compare our cane prices with those elsewhere. Open up to comesa and we will be getting sugar at half the price in the market. Uganda and the other countries can afford production at that price. we cannot without government intervention. What makes it cheap to produce sugar in Uganda, Sudan, Egypt etc.? Is it something that cannot be replicated in Kenya? Why? Which country to you live in? Who's your Gavana? You reward thieves, with power. What do you expect? Hii nchi iko na wenyewe. The cash I've lost on Mumias... wacha tu That is exactly what I am talking about. Let's identify the problems and stop pretending there is some sort of juju that makes sugar production way cheaper in other countries. And yes, the buck stops with the government - specifically the president. Most of the ills are KNOWN and solvable. We only need political will and things will be sorted out. And not only in the sugar industry!!! Mashida zetu zinajulikana. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Member Joined: 5/8/2013 Posts: 386 Location: Nyali mombasa
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Sugar is produced in sri-lanka, they package it, pay export duty, pay freight, pay import duty, pay transport to retailers, add retailer profit and that sugar still happens to way cheaper than our locally produced one? what gives.
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Rank: Elder Joined: 8/16/2011 Posts: 2,261
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Kihara joni wrote:Sugar is produced in sri-lanka, they package it, pay export duty, pay freight, pay import duty, pay transport to retailers, add retailer profit and that sugar still happens to way cheaper than our locally produced one? what gives. Taxes, Taxes, Taxes and taxes When I was in Dubai I could buy a 1.5Litre water bottle at 1 to 1.5 UAE dirhams (35-40 Kshs)in a desert country but in Nairobi where it rains cats and dogs the water ranges from 40 to 7o Kshs. Now think about sugar, a 2 KG costs 90 to 100 Kshs in Dubai while in Nairobi it ranges from 180- 300 kshs. A bag of 50KG cement in Dubai goes from 270 to 320 Kshs while in nairobi it goes for 680 to 750 Kshs. Just wonder why our politicians have bigger tummies as we feed them like pigs
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Rank: User Joined: 9/6/2013 Posts: 1,446 Location: In a house
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MaichBlack wrote:Mukiri wrote:MaichBlack wrote:pops wrote:@obi 1 kanobi: you are very wrong like the politicians in western. sugar production in Kenya is feasible only with comesa safeguards. just compare our cane prices with those elsewhere. Open up to comesa and we will be getting sugar at half the price in the market. Uganda and the other countries can afford production at that price. we cannot without government intervention. What makes it cheap to produce sugar in Uganda, Sudan, Egypt etc.? Is it something that cannot be replicated in Kenya? Why? Which country to you live in? Who's your Gavana? You reward thieves, with power. What do you expect? Hii nchi iko na wenyewe. The cash I've lost on Mumias... wacha tu That is exactly what I am talking about. Let's identify the problems and stop pretending there is some sort of juju that makes sugar production way cheaper in other countries. And yes, the buck stops with the government - specifically the president. Most of the ills are KNOWN and solvable. We only need political will and things will be sorted out. And not only in the sugar industry!!! Mashida zetu zinajulikana. I like that statement, though it is very hard for him since he is part of the system, so I believe. In Kenya we know our problems and their solutions. Unfortunately, our tribal thinking can not allow that.
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Rank: Elder Joined: 7/21/2010 Posts: 6,177 Location: nairobi
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lets watch for a new low from 1.35 where we left it,it seems shareholders were broke like the company "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Veteran Joined: 4/23/2014 Posts: 904
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