× Digital News Videos Health & Science Opinion Education Columnists Lifestyle Cartoons Moi Cabinets Kibaki Cabinets Arts & Culture Podcasts E-Paper Tributes Lifestyle & Entertainment Nairobian Entertainment Eve Woman TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Businessman sues Nairobi Governor Evans Kidero over Sh650m Mumias Sugar ‘theft’

COUNTIES
By Caroline Rwenji | August 6th 2015

A city businessman has moved to court to have Nairobi Governor Evans Kidero charged with alleged theft of Sh650 million belonging to Mumias Sugar Company.

Jacob Juma wants Kidero, a former Mumias Managing Director, charged with engaging in fraudulent and scandalous financial accounting at the company.

The offences, he said, should also include insider trading and any other offence he may be suspected of committing while at the company.

Alternatively, he said, the court should freeze Kidero's bank accounts to the tune Sh923 million, which includes interest accrued from 2012 to date.

"It has been disclosed that Kidero received Sh650 million on behalf of MSC that he never deposited, there is a likelihood that he will hide the money and therefore it is important that his accounts be frozen to the tune of that amount," he said.

Mr Juma further wants the court to declare Kidero unfit to hold public office, accusing him of being responsible for Mumias' downfall.

"A comprehensive financial audit should be done on Mumias Sugar Company Ltd for the period from 2003 to 2012 when the respondent was the managing director of the said company to give a true and comprehensive picture of the status of the company," he said.

He also accused Kidero of failing to advise the board of directors properly on matters that would affect the company negatively.

He added, "Kidero conspired to commit securities and fraud by allegedly approving fraudulent quarterly and annual reports submitted to the public, Nairobi Stock Exchange, the Capital Markets Authority and shareholders."

Juma further said Mumias is facing imminent collapse.

CJ Mutunga threatens to unmask those behind petition on ouster
The dispute between Chief Justice Willy Mutunga and the Law Society of Kenya (LSK), Mombasa chapter, escalated after he threatened to expose officials behind a petition to oust him.
Why Kenyan boxers are winning medals once again
The BFK led by President Anthony ‘Jamal’ Ombok was elected into the office in 2019 and has since...
Share this story

.
RECOMMENDED NEWS

Feedback