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Mumias FY 2014
Rank: Elder Joined: 8/16/2011 Posts: 2,387
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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: 7,841
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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: 7,841
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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: 7,841
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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: 2,387
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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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