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Uchumi CEO & CFO fired.......
Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d>  unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others .
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . Ernst &Young Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. Life is short. Live passionately.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Poor Ciano, i wish he left after the turn around. Anyway he will survive, this is Kenya. I remember his many talks in good governance, leadership and management, compliance kumbe  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... "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: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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murchr wrote:sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... These are the same big guys doing auditing for banks sio? So could be true that one of big banks is terribly cooking books and they don't want to burst them because of financial ripple effects such action can cause if they do. Who else can we trust if these auditors are crooks.As I say always SHAFTING CONTINUES ......
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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enyands wrote:murchr wrote:sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... These are the same big guys doing auditing for banks sio? So could be true that one of big banks is terribly cooking books and they don't want to burst them because of financial ripple effects such action can cause if they do. Who else can we trust if these auditors are crooks.As I say always SHAFTING CONTINUES ...... i believe there will come a time when you can't cook anymore since you cant pay taxes,dividends etc based on non existence figures "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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The bank is one that has had a CEO who has overstayed his tenure at the institution. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: New-farer Joined: 10/19/2015 Posts: 21 Location: Everywhere
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We need to know what really happened. If its about the valuation gains then its not cooking books, but rather just a financial sleight of hand that any investor should be able to pick up.
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Othelo wrote:Poor Ciano, i wish he left after the turn around. Anyway he will survive, this is Kenya. I remember his many talks in good governance, leadership and management, compliance kumbe He is a lucky man. if he was in America he would have followed the Enron former CEO jailed for life.if he was in China they would have executed him. Kenya we praise his name for being rich and offer him endorsement for mpigish job at parliament. Shafting continues ......
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Rank: Member Joined: 12/2/2009 Posts: 299 Location: kenya
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mlennyma wrote:enyands wrote:murchr wrote:sparkly wrote:enyands wrote:Boris Boyka wrote:dunkang wrote:COOKING OF BOOKS AT UCHUMI WITH THE BLESSING OF MANAGEMENT "Auditors on the frying pan after ‘cooking’ of books at Uchumi" Quote:Releasing the financial results for the year to June 2015, Uchumi Chief Executive Julius Kipng’etich said the previous management had concealed losses of up to Sh1.04 billion by cooking the books.
“We believe there was manipulation going on over the years, but we had no time so we looked at the last three years where the manipulation shot up,” he said. Quote:Auditors have also defended themselves, saying that the fraud was difficult to detect since it was being done at the highest level of management and over a long period of time.
However, they admit that it is their responsibility to cross check the facts presented.
“An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial systems,” Ernst &Young, Uchumi auditors, says in its report.
Mr Injeni said going forward, auditors might request more time and even raise fees to do more comprehensive checks. Is that meant to scare firms so that they pay cheaply for shoddy work by audits? Meanwhile current CEO Uchumi d> unearthing the rotten past of cooking books plus the auditors who are colluding with the perpetrators. 5 more such CEO's in NSE firms and we shall be heading in the right direction. At first it may seem causing discomfort and destabilizing but in the end our market shall be 'cleaner'. Who were the auditors .hope it is none of the big guys pwc, delloitte or others . it's always the big guys. This is not interesting at all.... These are the same big guys doing auditing for banks sio? So could be true that one of big banks is terribly cooking books and they don't want to burst them because of financial ripple effects such action can cause if they do. Who else can we trust if these auditors are crooks.As I say always SHAFTING CONTINUES ...... i believe there will come a time when you can't cook anymore since you cant pay taxes,dividends etc based on non existence figures But you see at this level the guy at the helm does not care on how dip the ship will sink all he cares about is to conceal his dirt under whatever cost.He actually pay dividends and tax out of negative revenues and make everyone happy as long as it lasts.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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enyands wrote:Othelo wrote:Poor Ciano, i wish he left after the turn around. Anyway he will survive, this is Kenya. I remember his many talks in good governance, leadership and management, compliance kumbe He is a lucky man. if he was in America he would have followed the Enron former CEO jailed for life.if he was in China they would have executed him. Kenya we praise his name for being rich and offer him endorsement for mpigish job at parliament. Shafting continues ......  possunt quia posse videntur
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Rank: Elder Joined: 7/22/2009 Posts: 7,455
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maka wrote:enyands wrote:Othelo wrote:Poor Ciano, i wish he left after the turn around. Anyway he will survive, this is Kenya. I remember his many talks in good governance, leadership and management, compliance kumbe He is a lucky man. if he was in America he would have followed the Enron former CEO jailed for life.if he was in China they would have executed him. Kenya we praise his name for being rich and offer him endorsement for mpigish job at parliament. Shafting continues ...... These guys should not be shot!!! It would be too lenient!!! Kshs. 1 Billion rights money unaccounted for, 500 million borrowed from banks to pay suppliers in question because it seems they were never paid. Actual money owed to suppliers stands at 2.2 Billion as opposed to the stated 750 million meaning Kshs. 1.45 Billion ilibiwa na kalamu!!! CEO biggest supplier of fresh produce (definitely at inflated prices), other managers supplying all sort of stuff etc. etc. etc. These guys should be handed over to the Ukrainian Mafia (believe me they are more "efficient" than their Russian and Italian counterparts) with orders to make the process extremely slow and painful!!! 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: 7,455
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And Kipg'etich should get proper security. And I am not talking about Kenya Police. That would be the worst idea if you have billions of stolen loot after your neck!! I am talking about Israeli or South African trained VIP protection. These fellows are facing bans on holding directorships and other jobs, being auctioned, spending hundreds of millions on legal fees and bribes, going to jail etc. And we are not sure which other fellows might be roped in - from politicians to regulators etc. Given that this is Kenya, these fellows might just decide to ensure Kipg'etich meets his maker much sooner. I repeat, Kipng'etich needs top notch protection! And believe you me, these guys will not know peace for as long as Kipg'etich is at the helm. The best they can hope is to spend years, may be decades in court like one Kamlesh Patni. And some of them might be hit with an array of independent lawsuits that Uchumi lawyers might ensure are never consolidated!! 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: 9/20/2015 Posts: 2,811 Location: Mombasa
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MaichBlack wrote:And Kipg'etich should get proper security. And I am not talking about Kenya Police. That would be the worst idea if you have billions of stolen loot after your neck!! I am talking about Israeli or South African trained VIP protection.
These fellows are facing bans on holding directorships and other jobs, being auctioned, spending hundreds of millions on legal fees and bribes, going to jail etc. And we are not sure which other fellows might be roped in - from politicians to regulators etc. Given that this is Kenya, these fellows might just decide to ensure Kipg'etich meets his maker much sooner. I repeat, Kipng'etich needs top notch protection!
And believe you me, these guys will not know peace for as long as Kipg'etich is at the helm. The best they can hope is to spend years, may be decades in court like one Kamlesh Patni. And some of them might be hit with an array of independent lawsuits that Uchumi lawyers might ensure are never consolidated!! Only in Kenya where thieves are perceived as heroes and clean individuals like Kipng'etich are persecuted. Fellow Kenyans rise up against this corruption pandemic. It starts with you and me. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Spikes wrote:MaichBlack wrote:And Kipg'etich should get proper security. And I am not talking about Kenya Police. That would be the worst idea if you have billions of stolen loot after your neck!! I am talking about Israeli or South African trained VIP protection.
These fellows are facing bans on holding directorships and other jobs, being auctioned, spending hundreds of millions on legal fees and bribes, going to jail etc. And we are not sure which other fellows might be roped in - from politicians to regulators etc. Given that this is Kenya, these fellows might just decide to ensure Kipg'etich meets his maker much sooner. I repeat, Kipng'etich needs top notch protection!
And believe you me, these guys will not know peace for as long as Kipg'etich is at the helm. The best they can hope is to spend years, may be decades in court like one Kamlesh Patni. And some of them might be hit with an array of independent lawsuits that Uchumi lawyers might ensure are never consolidated!! Only in Kenya where thieves are perceived as heroes and clean individuals like Kipng'etich are persecuted. Fellow Kenyans rise up against this corruption pandemic. It starts with you and me. it starts from the head,a president who doesn't care losing political support can reduce corruption by more than half and Kenyans will vote him in again and again "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 6/14/2010 Posts: 521 Location: Nairobi
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This is unbelievable. Corporate theft right there!
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Hapana , I think we need national dialogue on corruption. Things went out of hand long time ago !!!!! http://www.the-star.co.k...pplier-new-ceo_c1285770
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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^^^^^^^ Quote:SACKED Uchumi CEO Jonathan Ciano was the major supplier of fresh produce to the retailer's outlets and always paid himself before other suppliers, the firm's new boss has revealed.
Detailing the massive fraud that he has so far unearthed from the company's records, new CEO Julius Kipng'etich said several other Uchumi managers were running parallel shops which they may have been stocking with items stolen from the retailer's stores.
"Nobody knew the extent of the loss before, even me. I based my decision to come work here on the half year results which showed the firm had a loss of Sh262 million and I thought at the time this was easy to turn around...I looked at the track record of the firm based on the accounts and felt it would be easy to turn it around, until I arrived here and started digging further," Kipng'etich told the Star in an interview.
"I realised this company was in a deep hole," he said.
Supplier debt, preliminary investigations show, was severely under-stated at Sh750 million yet it stands at Sh2.2 billion. This has raised questions over whereabouts of the Sh500 million loan the firm got last year to help settle dues owed to suppliers.
So what stops the Asset Recovery team from freezing these directors and CEO's Assets or they are waiting to be told? "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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