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Concern as FEP liabilities exceed assets by Sh339 Million

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Audit firm PKF Kenya has raised queries on the financial health of Diaspora backed investment firm Fountain Enterprises Programme (FEP) Holdings after its fiscal results for 2017 indicated that its liabilities exceeded its assets by Sh339 million.

According to the company’s 2017 annual report released a fortnight ago, FEP incurred a net loss of Sh649 million in the year ended December 31 and had Sh3 billion accumulated losses against its current Sh2.5 billion net assets.

In recent years, the company has been battling allegations of misappropriation of funds which may have tainted its image with some of its former members – mainly from the Diaspora – even filing petitions in court.

FEP CEO John Kithaka

PKF, however, noted that due to absence of supporting documentation of FEP subsidiaries Fountain Technologies (T) Limited, Fountain Technologies Uganda Limited and Mobikash Afrika Limited, it could not obtain audit evidence of the chama’s financial results.

“These conditions (loss and liabilities), along with other matters … indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” said PKF Kenya.

FEP, which boosts a membership of 200,000 people out of which investors are 70,000, has investments in the real estate, savings and loans, insurance and technology sectors.

READ ALSO:   FEP: FBI now invited to probe Firm that "used the Bible to promised investors the moon but delivered false hope"

In 2016, the diaspora-backed firm posted Sh100 million as profit for the year.

Its outgoing chairman Erastus Mwongera blamed the firm’s poor financial performance on the prolonged electioneering period and adverse weather conditions that he said affected the economy.

“This resulted to us taking a conservative approach in operations and business while staying alert to identifying new opportunities and building on existing ones,” said Mr Mwongera who retired from the board last month.

The firm is now eyeing its mobile money lending product instaloan and the real estate business with the hope that this will  steer it back to profitability.

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DCI detectives arrest colleagues for robbing gas filing plant 

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BY KEVIN KOECH

Three detectives from the Special Service Unit (SSU) of the Directorate of Criminal Investigations (DCI) who turned rogue and were connected to a robbery with violence incident were on Monday arrested by their colleagues.

The three – William Mutua, Henry Maitai, Jonathan Sankale – are said to have been tipped off about Baraka Gas Company in Matuu, Machakos County, illegally refilling gas cylinders behind closed doors after curfew.

They raided the facility on July 31, 2020 and first intercepted the company’s surveillance car, a Toyota Probox, where on board was the manager.

The officers then gained entry into the premises and reportedly confiscated mobile phones of all workers before the business owner called seeking to talk to them.

According to the DCI, a total of Ksh.370,000 was transferred to the rogue officers through an M-Pesa till number, an agent number and two Safaricom lines in various locations.

The three were disarmed during arrest and are presently in police custody as investigations into their conduct continue.

READ ALSO:   FEP President admits all is not well in the company, promises to act
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Kenyan doctor who tested positive for COVID-19 and her caring house help 

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BY KEVIN KOECH

When the former Kenya Medical Association (CEO) Amakove Wala received the news she had tested positive for COVID-19, she was thrown into a panic mode and worried about her babies.

To ensure her kid’s routine was not interfered with as she stayed in isolation, the doctor adopted the current mode of holding meetings online using Zoom to catch up with the young ones.

However, while documenting her experience on her a Facebook page, the medic could not hide her joy on Monday, August 3, as she finally came out of isolation feeling better.

Amakove was keen enough to also express gratitude to one person who played the crucial role of nursing her while she was in isolation – her longtime friend and househelp identified as Susan.

“I owe this lady my life. She risked her own health to nurse me. She endured stigma from neighbours,” she said.

According to Amakove, the househelp did not only nurse her but also counselled her children who did not understand what was happening to their mother and why she was isolating.

“She made all those concoctions that I had to drink. Thank you, Susan!” she said.

We have been through a lot the past nine years or so but on this, you have made me believe that good people still exist,” added Amakove.

READ ALSO:   FEP: FBI now invited to probe Firm that "used the Bible to promised investors the moon but delivered false hope"

The doctor discharged herself from isolation after 12 days of not displaying any COVID-19 related symptoms including chills, fever and muscle aches for three consecutive days.

“I am done with this nasty bug. I have gained my freedom. I have discharged myself from home based care,” said Amakove.

“I could not have done it without all your support. Thank you! I have been to hell and back. isolation is the worst form of human torture in my opinion,” she added.

Amakove was among over 600 medics who are reported to have contracted the virus while a number of healthcare workers have succumbed to complications caused by the disease.

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I did not sleep in my home, Sakaja says as he dares police to arrest him 

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BY KEVIN KOECH

Nairobi Senator Johnson Sakaja on Tuesday, August 4, dared those attempting to arrest him to go ahead and put him behind bars.

Sakaja speaking at the Senate stated that he was ready to sleep in a cell after he had cast his vote over the County Revenue Allocation formula debate.

“I was in Senate from 5:30 am and stayed in my car till midday to avoid arrest. Please go ahead and arrest me. I am not one to be intimidated, since I have cast my vote,” he declared.

The Senator referred to various incidences including being trailed by the police, and proceeding reports of his impending arrest and alleged sponsored hashtags aimed at making him change his vote in the revenue sharing formula.

The Nairobi representative faulted the party for threatening to de-whip members who had not towed the party line.

When Senate Majority Whip Irungu Kang’ata stood to explain the disciplinary position, Sakaja from his bench shouted him down.

“Senator Sakaja is entitled to security and government does not support actions geared towards threatening his security. We had a Jubilee PG and some members did not attend, including Sakaja. Therefore, he should not mislead the house,” the Murang’a Senator stated.

READ ALSO:   VIDEOS: Amb Githae lauds Kenya USA Diaspora Sacco for "contributing over Sh 300M to Kenyan economy"

The Senate voted to postpone the County Revenue Allocation formula debate once again.

This was after Elgeyo-Marakwet Senator Kipchumba Murkomen rose, Pursuant to Senate Standing Order 105, seeking adjournment of the debate on the Motion for the Approval of the Third Basis for Revenue Allocation Among Counties.

34 senators voted to adjourn the motion against 26 who opposed its adjournment. One senator was absent.

Sakaja who confessed that he had not slept in his own house the night before as banners cropped up on bridges in Nairobi roads albelling him a traitor.

“Sakaja is a traitor. You do not represent Mandera, represent us, Nairobi,” read a message on one of the posters.

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