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Mhasibu Properties Ltd
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Thiong'o
#11 Posted : Thursday, September 27, 2018 11:13:28 AM
Rank: Member

Joined: 10/14/2011
Posts: 661
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
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Gathige
#12 Posted : Saturday, September 29, 2018 2:46:26 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
Thanks@Thiongo. How did the SGM go?
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Thiong'o
#13 Posted : Monday, October 01, 2018 10:46:46 AM
Rank: Member

Joined: 10/14/2011
Posts: 661
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
Thanks@Thiongo. How did the SGM go?
Discussion on the report was almost derailed, politics seems to permeate on all our spheres. It was resolved to sell the property to pay debtors and no further advances from the sacco.
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Gathige
#14 Posted : Monday, October 01, 2018 10:54:40 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
Thanks@Thiongo. How did the SGM go?
Discussion on the report was almost derailed, politics seems to permeate on all our spheres. It was resolved to sell the property to pay debtors and no further advances from the sacco.
Thanks @Thiongo. Its sad the project has aborted. Governance is critical and lets hope the SACCO has learnt the lessons. The real estate wing had been dodged with issues that may soil the SACCOs good name If you have the main report, please share
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Thiong'o
#15 Posted : Wednesday, October 03, 2018 4:42:45 PM
Rank: Member

Joined: 10/14/2011
Posts: 661
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
Thanks@Thiongo. How did the SGM go?
Discussion on the report was almost derailed, politics seems to permeate on all our spheres. It was resolved to sell the property to pay debtors and no further advances from the sacco.
Thanks @Thiongo. Its sad the project has aborted. Governance is critical and lets hope the SACCO has learnt the lessons. The real estate wing had been dodged with issues that may soil the SACCOs good name If you have the main report, please share
This is the summary of the discussions. https://www.businessdail...88634-yxtxkcz/index.html The author of this article should have been at the meeting.
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Gathige
#16 Posted : Wednesday, October 03, 2018 11:14:44 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
This report gives a clearer picture of the investments in MPL http://mhasibusacco.com/...counts_Mhasibu_Sacco.pdf
Thanks@Thiongo. How did the SGM go?
Discussion on the report was almost derailed, politics seems to permeate on all our spheres. It was resolved to sell the property to pay debtors and no further advances from the sacco.
Thanks @Thiongo. Its sad the project has aborted. Governance is critical and lets hope the SACCO has learnt the lessons. The real estate wing had been dodged with issues that may soil the SACCOs good name If you have the main report, please share
This is the summary of the discussions. https://www.businessdail...88634-yxtxkcz/index.html The author of this article should have been at the meeting.
Thanks @ Thiongo. Corporate Governance seems to have been very poor at MPL. Looks like instead of the board providing oversight, they were indeed complacent. Hopefully, the matter can be resolved and the project resumed as it has potential and goodwill from the SACCO membership.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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