By JOSEPH WANGUI
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The State has continued the defalcation aeon of the outdated Kenya Planters Department Abutment (KPCU) for a added six months, added dabbling the public sale of the troubled miller and adjustment of collectors’ dues.
Performing Commissioner for Co-operatives Improvement Geoffrey Njang’ombe has finest Mr Stephen Kamau Njoroge and Anthony Maina Waithaka to behave as liquidators within the department abutment alpha February 3, 2020.
This company a added adjournment within the public sale of KPCU belongings and acquittal of the union’s collectors together with banks and farmers
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KPCU was put beneath receivership by KCB #ticker:KCB in 2009, attributable to its debt of over 700 million.
The 75-year-old aggregation was moreover disturbing with poor administration and corruption, which accelerated its assertive dying.
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Final 12 months, Peter Munya, the chiffonier Secretary for Commerce adjustment the defalcation of the union, a motion which can booty six months.
The destiny of the physique’s lath of administrators, nonetheless, nonetheless hangs on the antithesis because the defalcation motion continues.
This follows a number of allegations of theft, together with cases space the administration awash espresso and withheld acquittal from farmers.
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KPCU loved a cartel cachet for abounding years, milling and enterprise espresso for child farmers who’re combination about factories which might be broadcast past the nation.
However the milling enterprise was opened as much as antagonism in 1994. Then the enterprise enterprise was opened in 2002, abbreviation KPCU’s entry in Kenya’s espresso business. Kenya’s aerial affection espresso beans are sought- afterwards by roasters who alloy them with these from added areas.
Whereas absolutely the appraisal on the banking bloom of the troubled farmers abutment and consecutive auctioning of belongings was ongoing, the federal government energetic it and rebranded it New KPCU. Belongings owed by the outdated KPCU, estimated to be account Sh6 billion, had been moreover transferred to the New KPCU accountable to the advancing liquidation.
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Additionally transferred had been the books of accounts.
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