Mumias Chief Executive Officer (CEO) Nashon Aseka has been suspended in what the Board of Management has termed as doubtful transactions. The CEO was ordered to step down to pave way for investigations. Patrick Chebosi, the Head of Agriculture will take over as the new CEO.
“Some doubtful transactions appear to have been entered into without following due process and requisite approvals,” the board said in a statement.
Aseka climbed to the helm of Mumias Sugar Company last year when he was appointed to replace Mr Errol Johnson who resigned, fled to Australia and refused to come back after a two-year stint as the CEO of the troubled sugar company.
Before being appointed the CEO, Aseka worked as the Company’s Factory Manager.
Mumias has been experiencing a hard financial time dropping from East Africa’s largest sugar company producing over 250,000 tonnes a year, to the current situation, producing 15,891 tonnes in the year ended last June.
The company reported a pretax loss of Ksh9.53 billion as compared to a pretax loss of Ksh6.07 billion a year earlier.
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