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Uchumi CEO & CFO fired.......
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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enyands wrote:murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees. This is a public listed company and the GOK has shareholding of 14.6 per cent. "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: Veteran Joined: 8/10/2014 Posts: 969 Location: Kenya
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People are taken to Kamiti for tweeting while thieves who openly break the law and loot billions still walk around.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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murchr wrote:enyands wrote:murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees. This is a public listed company and the GOK has shareholding of 14.6 per cent. So many months on since getting the sack, the thieves must have had a headway and now are now busy re-arranging their portfolios and hiding stolen funds wherever. Eating mentality is now a cancer and a national issue for the country!!! 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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Othelo wrote:murchr wrote:enyands wrote:murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees. This is a public listed company and the GOK has shareholding of 14.6 per cent. So many months on since getting the sack, the thieves must have had a headway and now are now busy re-arranging their portfolios and hiding stolen funds wherever. Eating mentality is now a cancer and a national issue for the country!!! If Kipng'etich knows that the managers were running parallel shops....what else is there to be said? "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:Othelo wrote:murchr wrote:enyands wrote:murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees. This is a public listed company and the GOK has shareholding of 14.6 per cent. So many months on since getting the sack, the thieves must have had a headway and now are now busy re-arranging their portfolios and hiding stolen funds wherever. Eating mentality is now a cancer and a national issue for the country!!! If Kipng'etich knows that the managers were running parallel shops....what else is there to be said? You mean these guys can do such with no one questioning them. It's terrible
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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murchr wrote:^^^^^^^ 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? When I heard the name Ciano in 2006 I thought he was from Zambia,kumbe he was "these people"? @Mawinder,what is his middle name again?  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: New-farer Joined: 7/23/2015 Posts: 35
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murchr wrote:enyands wrote:murchr wrote:^^^^^^^ 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? I guess they don't want to meddle with private companies as long as they aren't public servant offices of the sort. Never heard this guy's going after non government employees. This is a public listed company and the GOK has shareholding of 14.6 per cent. the Asset Recovery Agency can get involved here whether the 'victim' is in private or public sector- the question is whether there is a reasonable grounds to believe that the assets are proceeds of crime (it doesn't even have to be corruption related offences). And the criminal element is present here given the alleged false accounting and theft by managers engaged in 'planting seeds' with Uchumi goods. But Uchumi may want to avoid Asset Recovery Agency because even if successful, the forfeited property passes first to the government before getting to Uchumi (if at all). Also the battered Uchumi brand will suffer another 3 or more years of creditors, suppliers and customers discussing 'The Uchumi Scandal' especially after the previous problems involving the DJ and crew that required GoK bailout. Pure speculation but they might take the Britam way- chase after the former employees on their own and freeze their assets to 'encourage' an out of court settlement. The problem is if the false accounting/theft took place for over 8 years, finding the relevant assets and linking them to the misconduct after they've possibly changed hands severally can take a while. Just look at the problems GoK had gathering up NYS-linked assets that were scattered amongst friends, cucus and business associates of suspects- and that was just a year or two ago when the wizi took place. Even the birds can testify...but you forget the chief has his son as the judge and his son-in-law as interpreter- Oumar Ba
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Quote:@PeterMutegi: Uchumi has reported a loss (before tax) of Sh1 billion for the 6 months to Dec, a dip from a Sh262.4 million loss in HY 2014. Cc @BD_Africa. To Each His Own
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Rank: Member Joined: 3/3/2016 Posts: 132
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Hello all. New user here. Given that Uchumi now has a negative equity value after the latest results, what is does the CMA say about that? I remember in 2006 the management asked for suspension because of this technical insolvency.
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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 ...... Crazy.. http://www.nation.co.ke/...30/-/st86c1/-/index.htmlpossunt quia posse videntur
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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maka wrote:enyands wrote:[quote=Othelo]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 ...... Crazy.. http://www.nation.co.ke/...0/-/st86c1/-/index.html[/quote] Only in Kenya the oppressed praises the oppressor!!!! John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Spikes wrote:maka wrote:enyands wrote:[quote=Othelo]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 ...... Crazy.. http://www.nation.co.ke/...0/-/st86c1/-/index.html[/quote] Only in Kenya the oppressed praises the oppressor!!!! I feel like vomiting when I see people like this being given other lucrative positions like chairman of kenya accountants .where is his conscience when he is picking up this position? How do his children feel when papa is addressed as a thief? Do such people walk with their heads up? Munisaidie kuwaza haya
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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enyands wrote:Spikes wrote:maka wrote:enyands wrote:[quote=Othelo]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 ...... Crazy.. http://www.nation.co.ke/...0/-/st86c1/-/index.html[/quote] Only in Kenya the oppressed praises the oppressor!!!! I feel like vomiting when I see people like this being given other lucrative positions like chairman of kenya accountants .where is his conscience when he is picking up this position? How do his children feel when papa is addressed as a thief? Do such people walk with their heads up? Munisaidie kuwaza haya And all those appearances on rich. Very inspirational 
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Rank: Member Joined: 2/1/2010 Posts: 272 Location: Nairobi
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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 There might not have been a turnaround at all, just creative accounting The harder you work, the luckier you get
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Rank: Chief Joined: 1/3/2007 Posts: 18,102 Location: Nairobi
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whiteowl wrote:enyands wrote:Spikes wrote:maka wrote:enyands wrote:[quote=Othelo]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 ...... Crazy.. http://www.nation.co.ke/...0/-/st86c1/-/index.html[/quote] Only in Kenya the oppressed praises the oppressor!!!! I feel like vomiting when I see people like this being given other lucrative positions like chairman of kenya accountants .where is his conscience when he is picking up this position? How do his children feel when papa is addressed as a thief? Do such people walk with their heads up? Munisaidie kuwaza haya And all those appearances on rich. Very inspirational If you see a CEO on RICH more than 3 times... Naikuni, Ciano. And nowadays Oigara... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: New-farer Joined: 12/9/2015 Posts: 47 Location: +254
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Someone has presented a petition to wind up uchumi. Today's daily nation
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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This is not stiff enough..... No jail time 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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