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Mumias Sugar huge demand
Rank: Elder Joined: 6/23/2009 Posts: 14,222 Location: nairobi
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littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M  .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling
KQ ABP 4.26
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Rank: Veteran Joined: 4/23/2014 Posts: 931
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Kenya Power, Mumias to Delay release of Financial Results https://kenyanwallstreet...e-of-financial-results/
What happens if the Financial Results are not released in the stipulated period? “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 4/4/2016 Posts: 2,016 Location: Kitale
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obiero wrote:littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. Towards the goal of financial freedom
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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Ebenyo wrote:obiero wrote:littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. "We were not consulted! The national government forcing us to buy Mumias after they collapsed it! We need more consultation on the matter" ...and on and on. Mumias is more valuable to the county leaders as a tool of campaign against the current serikali. They could care less about taking over to revere its fortunes and benefit the farmer or ordinary shareholder.
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Rank: Elder Joined: 2/7/2007 Posts: 921
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rwitre wrote:Ebenyo wrote:[quote=obiero][quote=littledove][quote=obiero][quote=Njunge][quote=Angelica _ann][quote=Ericsson][quote=HaMaina][quote=Superprime1]#MeToo Mumias too to delay publication of full year audited statements. alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. what expertise does governments (County or otherwise) have to run small scale sugars farms? I wish this could be left to those who know as we seek technology transfer for the future. I say this because from past experiences elsewhere,as an example, the Guyanese sugar industry was in similar situation (or should i say limbo?) some 2 decades ago having kicked out all managing agents from their farms and mills. The government then handed over the running of the industry to a government entity named Guyasucol and they run down the entire industry within no time due to lack of expertise. Let's say it's not just Mumias. Sugar cane production has dropped from 110/120 tons per hectare in 1995 to an industry average of 33 tonnes per hectare this year. Way below and this makes cane growing quite uneconomical.Sugar cane varieties are not well researched, while cane husbandry has been left to the farmer, who has little or no knowledge. At current, both the central government and sugar cane growing counties are running up and down like headless chickens looking for solutions in the wrong places.As long as the focus is on mills rather than the fields,then,the war is lost even before it begins. In the case of Guyana, they turned to their former partners (Booker Tate & Lyle) who did not hesitate to pump in billions. It has been a painful and slow recovery but today, the Guyanese sugar industry is once more very vibrant and investors,farmers and the government alike, are all happy. I would not hesitate to prescribe a similar move. Skeldon Sugar Mills. Run and managed by BT & L for Guyasucol.Sucrose content for cane harvested from their nucleus as seen, is never below 14 percent while cane tonne per hectare has hit a high of 145 tonnes. What would make Guyanese not cry if they got to know our industry average? 
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Rank: New-farer Joined: 11/28/2018 Posts: 42 Location: Nairobi
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This is just drama. They have been given another extension of three (3) months until 28.02.2019 to release the results. Mumias-Sugar financials to be EIGHT-months late
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Rank: Elder Joined: 12/7/2012 Posts: 11,935
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This is a gone case, next ..... In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: New-farer Joined: 11/28/2018 Posts: 42 Location: Nairobi
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OR The damn figures have refused to balance.
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Rank: Veteran Joined: 4/23/2014 Posts: 931
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drogon wrote:OR The damn figures have refused to balance. One day I'm sure they will balance. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 4/23/2014 Posts: 931
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Tom Ojienda denies filing fake Mumias Sugar cases https://www.nation.co.ke...3546-7gl4udz/index.html
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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