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FEP woes intensify as CEO Korir fired after serving for 2 years, Kithaka returns

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Diaspora-backed investment firm FEP Holdings has sent chief executive Maurice Korir packing nearly two years after tasking him with restructuring the chama.

Previously long-serving founding chief executive John Kithaka has reoccupied the position. Mr Kithaka quit in October 2016 following Mr Korir’s promotion.

Mr Kithaka had been at the helm of the financially haemorrhaging investment group for more than a decade while Mr Korir was the chief operating officer.

“FEP Holdings Ltd board of directors wishes to announce the resignation of the chief executive officer, Mr Maurice Kimutai Korir effective March 8, 2018,”read a statement.

“The board has appointed Dr John Muchira Kithaka to the position of the group executive director with immediate effect.”

Maurice Korir. PHOTO/COURTESY.

The firm’s board linked the management shake up to need to conform to a changing investment landscape.

“The board wishes to assure shareholders and stakeholders, both local and in diaspora, that the corporate leadership changes are aimed at aligning and strengthening the group’s organisational structure to ensure we meet evolving investor expectations,” it said.

The Sh4.4 billion asset chama has faced a string of troubles in the last few years.

Founded in 2002, it has a membership of 70,273 investors, with a significant stock held by Kenyans residing in the UK and US.

FEP’s multiple projects including a planned 146-bed hotel in Sagana, Kirinyaga County, have missed completion deadlines for lack of capital.

Mr Kithaka will be charged with finishing stalled projects and revamping the chama. Its planned rights issue collapsed while plans to acquire a majority stake at Credit Bank, controlled by the Nyachae family, also failed.

The Central Bank of Kenya in 2016 declined FEP’s bid to take control of the bank after raising queries on the chama’s share register and ability of its financial muscle to adequately capitalise the small lender.

The banking sector regulator had raised similar ownership and capital concerns early the same year in denying the investment group a licence to operate a deposit taking microfinance bank, despite a temporary approval.

FEP was rocked by fraud in 2016 and hired an asset recovery agent to pursue six former senior managers and confiscate Sh67 million allegedly stolen from the organisation.

A forensic audit on the investment group’s operations by KPMG had revealed then that half a dozen top executives were discreetly siphoning cash meant for projects and investments. Prior to joining FEP in 2014, Mr Korir was chief operating officer at publicity firm Ogilvy.

-Business Daily

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Business

Our Thrilling Two Hours Tour at Victory Gardens Phase 3, 4 & 5 on the 18th of September 2020

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It was a very electrifying afternoon as we mentored our social media followers on how to build positive and remarkable relationships.

We touched on various life issues including how to laugh with a confident and deliberate abandonment, how to build extraordinarily positive relationships in families, workplaces, with God and in our social lives.

We also spared a cool 30 minutes to point at plot beacons for our customers, showing them how trees at this gated community are flourishing plus showing customers how Optiven has done the drainages.

Oh! We even had great fun crawling through one of the drainage culvert, which easily accommodated Optiven Team Leader as he easily crept to the other end. You can catch up with the Facebook Live here: (https://web.facebook.com/watch/?v=776150606288508&extid=GOZRywQJbqSrzSDM)

You can also catch up with the entire episode on You Tube right here: https://youtu.be/apZ14dvBg_g

What’s more, we prayed and prophesied for more customers to start building their dream homes in this gated community; to live victorious, joyfully and peacefully, in this extraordinary project that is located at the heart on Kitengela in Nairobi Metropolis.

If you want to join this remarkable and amazing project or to refer someone, just get in touch with us today. (Every person who refers someone will be mentioned on our next show)

*Call us now on: 0790 300 300 or 0723 400 500
Visit our website:* www.optiven.co.ke

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Business

Shekinah Gardens Gets Surprise Bonus Value Additions

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Optiven Engineers have now camped at Shekinah Gardens to start the fencing of the entire property (concrete poles & wire mesh). The concrete poles will be painted green as a sign of customer’s prosperity.

What’s more, Optiven has entered into a contract with Weberworks to do the construction of a 15 meters tall water tower that will be holding 40, 000 liters at a go.

This additional Value Additions will allow customers to experience Value for their properties as it was not part of the initial promise, but as an additional token of love to our Shekinah Gardens customers.

In addition, the roads will be spruced up to make this project the very best in Kajiado Township.

The project is located only 1 Mile from Kajiado Town and less than 0.5 m from the Highway

If you want to join the Shekinah family 👪

Call us on: 0790300300 or 0723400500
Website: www.optiven.co.ke

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Business

PHOTO: What was happening Today at Amani Ridge the Place of Peace

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We thank God for the ongoing works at Amani Ridge the Place of Peace in Kiambu.

Today we were focused on the following works:

1. Cabro laying ongoing. (Cutting in progress)

2. Wall of Knowledge column and coping concrete in progress.

Do you want to join this Family 👪 of untold peace?

Commit today before change of price by 20% by the end of this month (12 days to go)

What was happening Today at Amani Ridge the Place of Peace

Call us on: 0790300300 or 0723400500
Website: www.optiven.co.ke

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