Uchumi boss Jonathan Ciano exits accountants’ committee

Former Uchumi boss Jonathan Ciano

Former Uchumi boss Jonathan Ciano has resigned as chairman of the disciplinary committee of the professional body that regulates accountants.

The Institute of Certified Public Accountants of Kenya (Icpak) said it had asked Mr Ciano to step aside over allegations raised while he was the chief executive of Uchumi Supermarkets to allow for investigations.

“We received the draft forensic report on Uchumi and we did not want to take any disciplinary action before the report is adopted by the Uchumi board. So we have asked the board to adopt the report,” Icpak Chairman Fernandes Barasa said on the sidelines of the 24th Economic Symposium.

It will now be a case of the hunter becoming the hunted if the board adopts the report after Icpak said Ciano would be summoned to appear before the same disciplinary committee he chaired.

“Once that forensic report is adopted by the board, definitely we will now move to the next level of asking him to appear before the disciplinary committee. As we speak, Ciano has actually stepped aside,” Barasa said.

Ciano has been accused by the retailer of manipulating the financial statements of the company he was appointed to revamp, to hide losses of more than Sh1 billion.

The retailer has also accused the former embattled chief executive of exposing himself to conflict of interest after it emerged that he was supplying fresh produce to the company and paying himself in advance during his term as CEO.

Icpak, which was seen to be dragging its feet on disciplining errant accountants, says the case is of public interest and in the interest of the accountancy profession. Icpak’s decision to ask Ciano to resign is based on the Accountants Act, which only envisages that a member of the disciplinary committee can leave voluntarily by resigning for any reason, including inability to execute his duties.