The company said it spent Sh151 million of the loan acquired from KCB in 2014 to purchase three dampers and excavators from India. The machines have since broken down, yet the ones bought much earlier are still working.


A further Sh128 million was used to buy double cabin pickups and prime movers. The double cabins have been rendered irrelevant to the company’s operations.

Mr Nkeri told MPs the money acquired from KCB in 2014, even though is indicated clearly that Sh2 billion was utilised in specific projects, was mainly a waste of taxpayers money.

“The Sh2 billion spent between 2014 and 2016 was a total waste of funds. Other than the grading cranes, the small precast plant and the prime movers… the rest of the projects was no value for money,” he told the committee chaired by Kieni MP Kanini Kega.

The listed cement maker, which has consistently reported losses mainly attributed to mismanagement, closed its books in December with long-term loans of Sh3.6 billion compared to Sh1.8 billion reported in 2016.

https://www.nation.co.ke/business/Growing-40old-debt-could-cost-cement-firm-land/996-4799700-dgwp9ez/index.html

Thanks to gross incompetence and the usual ufisadi. Why does the taxpayer have to keep bailing out this public monkey? Can't it be sold/privatized?
Ya dunia kweli...