Jeeez - anybody know how many units (vehicles & trucks) CMC brings in yearly and how much clearing costs for high end motor vehicles -looks like this Muthoka dude - was truly a "kupe"

I wonder if Andy's other lucrative customer deals i.e safcom will be dropped / renegotiated in light of this discoveries

@ Mainat- why will Bill Lay give us false information. I am sure he must have shown other board members all the evidence before they took this step. Andy Forwarders was overcharging CMC by around 500 million every year its a lot in term of lost dividends.

Muthokoi to dump CMC

After the boardroom wars, muthokoi has placed an order to have all his over 22.6% shareholding on sell. They will be disposed off gradually in order not to lower the prices below 10 bob.

Andy Forwarders (FUNKY SOURCE) was recently discovered accumulating CMC shares to become the single largest shareholder in the Motor dealer. Andy is owned by muthokoi and has 132 million shares in CMC which is split into CFC Stanbic Nominees account to camouflage that fact but now the truth is emerging.





Can't believe the reformer has become the victim of his own reformation.

Mr Peter Muthoka, the new CMC board chairman who replaced Mr Jeremiah Kiereini last Monday, said the company is searching for a chief executive “with international experience” to reverse the firm’s dwindling fortunes, while adding that a major shake-up of the executive suites was imminent.

Top on the new board’s strategy is also a change in the reporting structure of the firm to give the new CEO a real time window into operations of all subsidiaries and regional units.

“CMC is a sleeping giant. It needs a major restructuring, including a modern business model and a competitive executive team,” said Mr Muthoka in an interview.

Mr Muthoka represents transport and logistics firm Andy Forwarders-the single biggest shareholder of the firm- on CMC’s board.

He was categorical that the company is looking for a chief executive from outside the country to replace Martin Forster who had served in the position for 33 years before his recent ouster by assertive shareholders concerned about CMC’s faltering performance.

Ms Mary Ngige, a Kenyan, was appointed as acting chief executive following Mr Foster’s exit.

The shake-ups in CMC’s executive team begun last year when two finance directors quit after disagreements on strategy with the top shareholders who are keen on ensuring other key positions such as marketing and communications are filled by “competent” personnel.

CMC has about 15 top executives comprising six division heads and nine departmental managers.

“Our aim is not to kick out staff, but the restructuring will naturally take place from the top,” Mr Muthoka said.

http://dlmerrifield.com/researc...p;code=cmc&nid=11303

Another 90 days in ze cooler.
I predict saga will run. And run...