Access Kenya seems to be in deep shit. They have refused to confirm it but the resignation of directors from the board points to a boardroom fight. Eddy Njoroge resigned from the board of the Internet Services Provider on 26th March.
The provider is also said to be having serious cash flow problems which has resulted in it postponing the Annual general meeting to August. This move might hurt the company but it seems the management is remaining mum with the hope that things will settle down.
Access Kenya financial managers seems not to be good in books after the IPO after they reportedly bought the “shell” which is Openview Business Systems. The company bought Openview for ksh 168 Million which was 70% of the firms shares and completed the full buyout this year with the acquisition of the remaining 30% at just 18 million shillings. SOmething is seriously wrong here.