I think we are used to it now...nothing will be done.

http://mobile.nation.co....-/12eogf8z/-/index.html[/quote]

This kind of reminds me of Carl Icahn with his hostile takeover of TWA Airlines and the asset stripping he did over there selling the assets individually to repay the debt assimilated during the takeover.

http://www.nytimes.com/1...e-re-at-crossroads.html[/quote]
In this case, the debts may exceed the assets!

For whom were jails made?

They are already rich. They can bribe their way out. No one will get jailed. With such system malfunction we need an alternative system to guard against these economic crimes. Soon people will figure it out.

Of late it feels that way.... In the big boys club they are competing who can get away with it....

With the rot even down to shelf stacker level (a job done part time by students everywhere else in the world), don't expect Uchumi to recover anytime soon. Imagine denying customers goods because the supplier didn't bribe you to stack the shelf. What stupidity!

I like the approach taken by the new CFO Samson Oduor.Brilliant idead to turn around the company.
This is the guy who differed with James Mwangi in Equity Bank over the methodology of reporting accounts and dividends and tendered his resignation.
He was also the CFO at EABL during the hey days when EABL was growing profits,dividends and share price i.e the Gerald Mahinda dream team.
The rot in Uchumi is just too much like;
expansion plans was reached strategy that had been undertaken without proper funding. Most of the stores to be closed will be in Tanzania and Uganda.
Cut out brokers from its supply chain, the retailer will source for supplies directly from manufacturers.
This would eliminate the practice in which insiders supplied goods to the retailer at inflated costs. This move would also see staff with links to suppliers exit the company.

PwC are carrying out the current forensic audit. Who are the current auditors?

KPMG is to undertake a forensic audit on the supermarket’s finances following mismanagement and manipulation of its accounts, a process that saw three top executives including former chief executive, Dr Jonathan Ciano, sent packing.
Deloitte is to recruit a new chief executive officer, chief finance officer and head of human resources
Ernst and Young will be auditing 2015 financial year performance with the announcement due to be made before the end of this month

The new management better buy back customer loyalty real fast. An example is Uchumi Buru, even when things were tough it was always well stocked... relatively. But of late it has gone also to the dogs. Meanwhile Tuskys which is just next door & Naivas new on the area are doing booming business. Their work us clearly cut out for them & it will be baptism of fire from the word go.

OAN: Is the CFO already hired, the guy I saw present during the investor (de)briefing?