Kenya Association of Stockbrokers and Investment Bankers CEO, Willie Njoroge has been accused of poorly managing the organisation, which is now on its deathbed.
The lobby group which is supposed to be rivaling Kenya Bankers Association (KBA) in terms of lobby power for stockbrokers has been mismanaged for years now, according to an inside source.
Mr Njoroge is said to have used monies from the organization to run personal businesses instead of running the organization’s affairs.
Some stockbrokers are said to be preparing evidence to have Njoroge charged in a court of law for crippling the organization.
The situation is so dire that employees have gone without salaries for months, with the office it operates in on the verge of being auctioned due to non-payment of rent.
Kahawa Tungu has also learnt that stockbrokers have been slow in remitting membership monies as they seek to have the organization re-structured and its roles re-aligned.
“We don’t see any value of the organization anymore. The organization no longer delivers on the purposes for which it was created. To us, it is as good as dead,” said a source within the stock-brokerage industry.
To some, the poor state of the lobby organization is a manifestation of the shoddy and shadowy manner in which the member organization operates.
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