Anglo-Dutch multinational KPMG has resigned as the Standard Media Group’s external auditors, effective February 8, 2021.
In a statement on Wednesday, February 10, the Standard Media Group did not however reveal the reasons KPMG had opted to resign.
“Pursuant to Regulation G.05 (1) (b) of the Fifth Schedule of the Capital Markets (Securities) (Public Offers and Disclosures) Regulations, 2002 – amended 2019, the Board of Directors of The Standard Group PLC (“the Company”) wishes to notify the public of the resignation of KPMG Kenya as the Company’s External Auditor with effect from 8th February 2021,” read the notice in part.
“The Board takes this opportunity to thank KMPG Kenya for their commitment and invaluable contribution to the Company and wish them the best in their future endeavors”.
The Standard Group recorded a loss after tax of Ksh484 million in the year ended December 2019.
The Standard Group houses KTN Home, KTN News, Radio Maisha, The Standard Newspaper, The Nairobian (a weekly tabloid) and newly launched Vybez Radio, Spice FM, KTN Burudani and KTN Farmers.
The company also launched two print products, Pulser and Travelog.
In November 2020, The Standard Media Group sent home a number of employees in cost-cutting measures, in a bid to turn-around from loss-making.
Some of thot fired include Ellen Wanjiru, the KTN managing Editor, Standard Sub-editor Anthony Malesi and Kiswahili TV anchor Frank Otieno.
Others are Standard Newspaper reporters Moses Njagi and Protus Onyango, KTN News Editor Patrick Injendi and Former Kakamega Bureau Chief, John Atambo.