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Tuskys empire in trouble
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essyk
#1 Posted : Sunday, April 29, 2012 11:04:54 PM
Rank: Elder


Joined: 11/15/2011
Posts: 4,518
http://www.theeastafrican.co.ke/

The Tuskys affair is now illustrating how disputes over corporate governance are starting to tear family businesses apart.

correspondence unravels a tale of corporate betrayal, espionage, sabotage and mistrust inside the Tusky’s boardroom.

The battle for the control of the business reads like an episode from the globally famous feud between the Ambani brothers, Mukesh and Anil –– the two wealthiest men in India — who ended up splitting the massive Reliance Industries empire built by their father Dhirubhai Ambani.

If the dead woke up to find what they built tearing their families apart, they would die again and again.Sad



"The true measure of a man is how he treats someone who can do him absolutely no good.
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digitek1
#2 Posted : Monday, April 30, 2012 11:42:16 AM
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Joined: 2/3/2010
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Location: Kenya
succession planning is the only way. delink family from management kabisa
I may be wrong..but then I could be right
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Jus Blazin
#3 Posted : Monday, April 30, 2012 11:55:07 AM
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Joined: 10/23/2008
Posts: 3,966
Sibling rivalry is everywhere, evident from big companies like Tuskys to brothers killing each other over a few acres of inherited land.
Luck is when Preparation meets Opportunity. ~ Lucius Annaeus Seneca
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QW25091985
#4 Posted : Monday, April 30, 2012 12:36:59 PM
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Joined: 1/24/2012
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Location: In Da Hood
U can throw in samsung to that list .
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selah
#5 Posted : Monday, April 30, 2012 1:08:08 PM
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Joined: 10/13/2009
Posts: 1,950
Location: in kenya
I think this family is opening a pandora box.Tuskys is not as clean as they think it is...they may be thinking that they are professionalizing the company by removing a director they feel is mismanaging the company but in actual sense they are letting the govt dig into their finances and trust me this forensic audits will end up killing the company than achieve their intended goal(CMC is a good example).

Tax evasion is rampant in most kenyan big companies and am sure tuskys is one of them.Once the CID carry out their Audit then we will witness one hell of family drama.

If I was the Kamau family I wuld sort this mess privately without involving the govt....
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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selah
#6 Posted : Monday, April 30, 2012 1:10:21 PM
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Joined: 10/13/2009
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Location: in kenya
.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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YesuWangu
#7 Posted : Monday, April 30, 2012 1:16:49 PM
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Joined: 8/11/2010
Posts: 1,588
selah wrote:
I think this family is opening a pandora box.Tuskys is not as clean as they think it is...they may be thinking that they are professionalizing the company by removing a director they feel is mismanaging the company but in actual sense they are letting the govt dig into their finances and trust me this forensic audits will end up killing the company than achieve their intended goal(CMC is a good example).

Tax evasion is rampant in most kenyan big companies and am sure tuskys is one of them.Once the CID carry out their Audit then we will witness one hell of family drama.

If I was the Kamau family I wuld sort this mess privately without involving the govt....


What is it about money that more of it is always needed yet it can only buy so much?

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Lolest!
#8 Posted : Monday, April 30, 2012 1:21:11 PM
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Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
@selah, I doubt this related parties business would have escaped KRA. They are very keen on such business especially on pricing. I dont think extending credit to related parties would be a tax issue.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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selah
#9 Posted : Monday, April 30, 2012 1:44:41 PM
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Posts: 1,950
Location: in kenya
IF you read btwn the lines powers beyond the family is at play..I think the family dont know what exactly is going on and they will get their hands burnt in the process of finding the truth.

Quote:
Documents obtained by The EastAfrican show the directors are in dispute over the appointment of finance director Frank Kamau — the senior most non-family member in the company — and the suspension of several family members from the running of the business as well as over who should be the signatories of key bank accounts.



Quote:
The three brothers who are not happy with how Mr Mukuha has been running the empire sought the services of the CID to help unearth what they claim are fraudulent dealings in the company. Through their lawyer Murgor & Murgor, the three, in a letter sent to Mr Mukuha dated March 3, 2012, are questioning the diversion of Ksh1.5 billion ($18 million) to non-related businesses. Mukuha in his written response says that the amounts and beneficiaries had been table and a board meeting and the issues are well understood by all parties.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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KenyanLyrics
#10 Posted : Monday, April 30, 2012 7:11:25 PM
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Joined: 4/16/2010
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Location: Nairobi
digitek1 wrote:
succession planning is the only way. delink family from management kabisa


Applause Applause Applause


Just leave them as common stock shareholders and nothing more. Wacha MBAs to run that thing. Rule number 1 of business is not to work with people you love.
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Lolest!
#11 Posted : Monday, April 30, 2012 7:21:44 PM
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KenyanLyrics wrote:
[ Rule number 1 of business is not to work with people you love.

Applause
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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harrydre
#12 Posted : Tuesday, May 01, 2012 12:25:07 AM
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Joined: 7/10/2008
Posts: 9,131
Location: Kanjo
I hope that's not our own Mr. Muk(i)uha over there? I have not seen him in Wazua for a while. He better not be releasing Wazua admin stress with his brothers infront of all the employees.

Greed will imprison us all for sure!
i.am.back!!!!
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lynx
#13 Posted : Tuesday, May 01, 2012 9:50:34 AM
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Joined: 11/15/2011
Posts: 25
KenyanLyrics wrote:
digitek1 wrote:
succession planning is the only way. delink family from management kabisa


Applause Applause Applause


Just leave them as common stock shareholders and nothing more. Wacha MBAs to run that thing. Rule number 1 of business is not to work with people you love.


Agreed,actually I think it is the leadership structure that has problems.It's more than succession planning.

They need to be evaluated against the OPI index for leadership, actually all family owned businesses should if they want to move forward.
If you knew that candlelight is fire then the meal was cooked a long time ago.
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Lolest!
#14 Posted : Tuesday, May 01, 2012 10:58:24 AM
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Joined: 3/18/2011
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Admin moved this topic to the SME segment, the directors of Tuskys would weep and put their differences aside if they saw this.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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bkismat
#15 Posted : Tuesday, May 01, 2012 2:34:51 PM
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Joined: 10/23/2009
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Lolest! wrote:
Admin moved this topic to the SME segment, the directors of Tuskys would weep and put their differences aside if they saw this.

Laughing out loudly Laughing out loudly Laughing out loudly
It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt...
-Mark Twain
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bkismat
#16 Posted : Tuesday, May 01, 2012 2:36:27 PM
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Joined: 10/23/2009
Posts: 2,375
@ Admin really in Kenya is Tuskys an SME?
It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt...
-Mark Twain
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QW25091985
#17 Posted : Tuesday, May 01, 2012 2:43:09 PM
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Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
bkismat wrote:
@ Admin really in Kenya is Tuskys an SME?



hahahaha. You dnt have to embarace the admin. Lol. Its kinda funny.
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Kratos
#18 Posted : Tuesday, May 01, 2012 2:56:15 PM
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Joined: 9/19/2011
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Lolest! wrote:
Admin moved this topic to the SME segment, the directors of Tuskys would weep and put their differences aside if they saw this.


SME indeed!Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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KenyanLyrics
#19 Posted : Tuesday, May 01, 2012 9:08:29 PM
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Joined: 4/16/2010
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20b SME
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QW25091985
#20 Posted : Tuesday, May 01, 2012 9:28:43 PM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
QW25091985 wrote:
bkismat wrote:
@ Admin really in Kenya is Tuskys an SME?



hahahaha. You dnt have to embarace the admin. Lol. Its kinda funny.



and to make matters worse admin is said to be a lady . LOL. a Kenya blonde ( african blonde) hehehehe ! we have here .
maybe she was having her blonde moment when she made the change ! Laughing out loudly Laughing out loudly Laughing out loudly
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