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Mumias Sugar huge demand
Rank: Elder Joined: 2/7/2007 Posts: 921
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Angelica _ann wrote:[quote=FUNKY][quote=Angelica _ann][quote=FUNKY]
The factory itself is in a poor state of repairs and maintenance. Workers je, or the sugarcane will mill itself.... Apart from the Process house and 1 key boiler,the rest of the factory is not in bad condition. Still this requires quite some capital to put to work. Also,the good technical staff left and it is not easy replacing them. Wabuke is not new to Mumias having been an Agricultural manager there way back in the 90s. He is a good , well knowledged fellow but as I have indicated above,without capital and the right technical staff, KCB can bring Jesus and still fail.
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Rank: Veteran Joined: 4/23/2014 Posts: 909
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State to lose billions as Kibos Sugar set to relocate to Rwanda“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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"Why Mumias Sugar won't trade on NSE until quarter2, 2020" https://www.nation.co.ke...391446-4jrc54/index.htmlTo Each His Own
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Rank: Veteran Joined: 4/23/2014 Posts: 909
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[quote=kayhara]"Why Mumias Sugar won't trade on NSE until quarter2, 2020" https://www.nation.co.ke...91446-4jrc54/index.html[/quote] Where is oparanya with his know it all recovery ideas and chini ya maji task force now?? Either the government task force was to work as one team, or the debtors would get jittery. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Sacked Mumias staff get Sh20,000 termination payQuote:He added that the law provides for the employees to be paid last because they were not secured creditors when a firm has been placed under administration or is being liquidated.
The Sh20, 000 pay came as a shocker to the Mumias Sugar employees who are owed Sh2.4 billion in salary arrears and pension dues. They are making this look like a good thing for mumias employees, but it's not. To Each His Own
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Rank: Chief Joined: 1/3/2007 Posts: 18,095 Location: Nairobi
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kayhara wrote:Sacked Mumias staff get Sh20,000 termination payQuote:He added that the law provides for the employees to be paid last because they were not secured creditors when a firm has been placed under administration or is being liquidated.
The Sh20, 000 pay came as a shocker to the Mumias Sugar employees who are owed Sh2.4 billion in salary arrears and pension dues. They are making this look like a good thing for mumias employees, but it's not. Better take the 20k than get nothing at all. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Towards the goal of financial freedom
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe?
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Chief Joined: 1/3/2007 Posts: 18,095 Location: Nairobi
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obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Those bailouts had negotiation fee to some well connected individuals Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 4/23/2014 Posts: 909
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Ericsson wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Those bailouts had negotiation fee to some well connected individuals This is not quite a bail out, Mumias required funds to restart but was surrounded by parasites waiting to milk it dry. Mumias will be back to ethanol production from January and sugar by March. I think the government needed a neutral institution to oversee the sugar industry funds that were read in the last budget. I still have hope in Mumias. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Chief Joined: 1/3/2007 Posts: 18,095 Location: Nairobi
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obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA  Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales?
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales? Sale of plant and machinery Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,095 Location: Nairobi
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obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales? Outstanding dues. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales? Outstanding dues. You are cold blooded
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales? Outstanding dues. You are cold blooded
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Chief Joined: 1/3/2007 Posts: 18,095 Location: Nairobi
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obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:obiero wrote:Ebenyo wrote:[quote=VituVingiSana][quote=kayhara] Sacked Mumias staff get Sh20,000 termination paykcb should not spend more money here.It might prove hard to recoup it later. Since they have placed mumias under receivership,let them ask the court to be allowed to sell some assets and recoup their ksh 545 million.Then Watoke hapo. Otherwise they may end up spending more than mumias assets which is kshs 15 billion. Separation pay has to be made. Hauna roho wewe? Mumias is bankrupt. They have not been working for 1-2 years. Many other Kenyans are suffering while Mumias got bailouts. Severance pay is not a salary It's bankrupt. There is no money. If anyone should be paid after disposal of the assets, it should be KRA Taxing what sales? Outstanding dues. You are cold blooded Maisha ni ngumu for shareholders. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 2/7/2007 Posts: 921
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Selling machinery is out of the question since most of the valuable machines and equipment are custom made or immovable. The other thing is, other debtors have put a caveat on what they financed. Proparco financed the Cogen plant while Ecobank financed the distillery and this makes the receivership messy. I have seen the receiver manager make claims he will run the factory soon. To be honest,that man is a joker of some sort. It won't happen due to the current state of the factory and lack of expertise unless KCB is willing to spend more than they are claiming. KCB isn't claiming much in comparison to other banks. Sooner, they will realise they are throwing good money after bad. If I were the honcho at KCB, I would start considering this as a bad debt.
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