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Mumias CEO Patrick Chebosi Sent On Compulsory Leave

[IMAGE/ COURTESY]

[IMAGE/ COURTESY]
Mumias CEO Patrick Chebosi has been sent on compulsory leave with ex-chief security officer Isaac Sheunda replacing him in an acting capacity.

Chebosi has been at the helm for about seven months, and the reason why he was sent parking still remains unclear.

He was appointed the CEO after the unceremonious exit of Nashon Aseka in June 2018 over questionable transactions.

Before landing the job, Chebos served in the position of agriculture manager at the firm and left to head Kwale sugar industries before the comeback in 2018.

Before Aseka, the company was under the leadership of Errol Johnson who fled the country citing threats on his life around June 2017.

In the new development, Dalmas Wala has been appointed by the board as Risk Management officer in acting capacity.

The changes have been confirmed by the board chairman Dr Kennedy Ngumbau who says that they are meant to streamline operations of the company.

Read: Why Moses Kuria’s Proposed Amendment Of The Banking Act Could Hurt SMEs More

“It will no longer be business as usual where the company is crushing cane and farmers are not being paid for the cane delivered and a few individuals pocket the money meant to ensure the company is revived fully.

We want to streamline operations at the company making changes in key departments where there is a serious mess following the audit we carried out recently. Our focus in the next six months is to make the company profitable by increasing its efficiency,” said Dr Ngumbau.

In November 2018, the company announced that it would delay announcing its financial statement.

Mumias attributed the delay to financial challenges the company is facing and was granted one month reporting deadline extension to November 30, 2018 by the Capital Markets Authority.

The company had announced a net loss of Ksh6.8 billion in the financial year ended June 30, 2017 against Ksh4.8 billion made in 2016.

The company is trading its shares at Ksh0.58 at the Nairobi Stock Exchange an improvement by Ksh0.01 from price of Ksh0.57 per share.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.

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