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Fountain Enterprises Programme - FEP
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Gathige
#231 Posted : Thursday, December 08, 2016 7:51:52 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
aemathenge wrote:
I am not fond of quoting some media houses but Ghafla! has too many "facts" on this article to be ignored.

Link:

Extracts:

"Ghafla! has also learnt that employees at Fountain Media haven’t been paid for the last three months.

Inside sources further tells Ghafla! that Johnson Mwakazi has been disappointed by investors’ failure to meet the cost of running operations; the source told Ghafla!

Mwakazi has been on and off work for the last one month."


C&P
Fountain Media management has also failed to meet the cost of other utilities like employees’ salaries and rent.

Eish, kweli journalism in KE has hit the lowest.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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murchr
#232 Posted : Wednesday, December 28, 2016 6:08:23 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Business Daily wrote:
Fountain Enterprise Programme (FEP) Group has hired an asset recovery agent to pursue six former senior managers and confiscate Sh67 million allegedly stolen from the organisation.

A forensic audit on the investment group’s operations by KPMG revealed that half a dozen top executives were discreetly siphoning cash meant for projects and investments.

FEP chief executive Maurice Korir said the bailiffs had already recovered Sh20 million from the disgraced managers whose identities he declined to disclose.

“We combed our books and realised some funds were missing. We also plan to file civil suits to recover the assets.”

The funds were stolen in cash, Mr Korir said, and mostly involved money diverted from projects, payments to consultants who did not offer any services and irregular award of insider loans to themselves from FEP’s Fountain Credit Services.

Mr Korir expressed frustration that despite reporting the matter to the Directorate of Criminal Investigations in March 2015, police are yet to take any action on the case.

“I can’t explain why they haven’t been charged yet.”

The forensic audit also unearthed massive discrepancies in the chama’s share registry.

A total of 3,392 investors had paid for 4.58 million shares but were not allotted the proper number of stocks, the KPMG report showed.


Kitumbua inaingia mchanga
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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  | | Edit by user: Wednesday, December 28, 2016 6:13 AM | Reason: Not specified
obiero
#233 Posted : Friday, December 30, 2016 6:29:33 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,320
Location: nairobi
enyands wrote:
obiero wrote:
Forester wrote:
kimanimsc wrote:
COPIED
Breaking news posted as received .
News just in John Kithaka fired from Fep CEO to just an ordinary board member after blunder's involving Billion's of shilling's spent under questionable transactions. Mr Morris Korir takes office with immediate effect as of Monday last week. Kithaka came with a tag of a staunch Christian and has left FEP in shambles.

https://www.facebook.com..._ref=SEARCH&fref=nf

COPIED.
https://www.facebook.com..._ref=SEARCH&fref=nf

1)We talked about losses in June 2015 before they were declared in Sept 27 AGM
2) We talked about money being stolen in the 8 page 17 points addendum and the board has just fired Kithaka for the same misappropriations and questionable transactions
3)We talked about issues in Investor database and share certificates and CBK used same grounds to deny the DTMF license in March 2016
4)We talked about board being compromised and questions came up about Mwongeras capabilities and Bishop Kariukis personality.
5)We talked about FEP investments being redirected to TAI and SOFIC and now the two leaders Kithaka and Karuu have exited leaving behind the whereabouts of the monies and shares transfered from FEP
6) We talked about pertinent issues and FEP gagged OKOA only for other interested members to come up and publish the truth.
7) Mwongera lied in AGM speech that legal action had been taken against the thieves who stole but no court cases are on record for the same taking place or the action ever being initiated.
FEP has been exposed and its time they declared what steps they are taking to recover the money from Kithaka, Wachira and their companies Archlink international and Kyoto Construction.


Sad Sad Pray Pray @BGL, hope you managed to run for the hills. If not, pole sana kwa masaibu.

Poleni wanahisa wa FEP


Laughing out loudly Laughing out loudly I'm laughing because I know the truth of all these allegations.i still stick to my guns .....people will be surprised soon ..

A true monkey.. Sad what this firm has done to hapless Kenyans.. Sad
http://www.businessdaily...01658-ql21cj/index.html
COOP, IMH, KEGN, KQ, MTNU
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Ebenyo
#234 Posted : Saturday, December 31, 2016 6:47:23 AM
Rank: Veteran

Joined: 4/4/2016
Posts: 2,021
Location: Kitale
This is daylight robbery!
Towards the goal of financial freedom
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obiero
#235 Posted : Saturday, December 31, 2016 8:16:30 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,320
Location: nairobi
Ebenyo wrote:
This is daylight robbery!

Indeed it is @Ebenyo but if Kabura, an out and out bandit complete with a gunny bag is still roaming freer than the lions of Serengeti, what are the chances of Kithaka getting caught
COOP, IMH, KEGN, KQ, MTNU
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murchr
#236 Posted : Tuesday, January 17, 2017 8:25:58 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Investment group Fountain Enterprise Programme (FEP) Group is shopping for a deep-pocketed Chinese investor to acquire a minority stake in its energy-focused subsidiary that recently landed big-ticket deals in Africa.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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aemathenge
#237 Posted : Monday, February 06, 2017 1:41:00 PM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
The English in this Sub-Standard article is too many for me to understand.

Are there any citizens who are working with this ERP whatever and is it worth all those UhuRuto millions?

Pray do tell.
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AlphaGene
#238 Posted : Tuesday, February 07, 2017 2:43:14 PM
Rank: Hello

Joined: 3/27/2012
Posts: 4
There have been a raft of new developments at FEP Holdings including management changes that have set the company on growth trajectory. You actually can catch glimpse of this changes in their recently published FEP Business Quarterly Magazine via http://www.fep-group.com...ness-quarterly-magazine/
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Bigchick
#239 Posted : Tuesday, February 14, 2017 11:46:21 AM
Rank: Elder

Joined: 2/8/2013
Posts: 4,068
Location: At Large.
5 loss making branches of one of their subsidiaries being closed.The micro credit subsidiary to continue lending via mobile plat form the will be rolled out in June.

Tuombe!.
Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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aemathenge
#240 Posted : Tuesday, February 14, 2017 12:07:44 PM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
Bigchick wrote:
5 loss making branches of one of their subsidiaries being closed.The micro credit subsidiary to continue lending via mobile plat form the will be rolled out in June.

Tuombe!.

Pray which branches are these Mi'Lady?

A link, perhaps, for the source of your information, if you may.
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