The Management and Directors of Mumias Sugar Company have been instructed to submit a statement of the company’s affairs within the next 14 days. In a public notice published in one of the local dailies, Mumias Sugar Company’s receiver manager, PVR Rao has instructed Mumias’ management and directors to hand over all assets of the company including motor and commercial vehicles as well as office equipment.
None of the directors, shareholders, and employees will be authorised to transact any business on behalf of Mumias Sugar Company without express written consent from the receiver. Creditors have also been directed to address their claims and other matters to the receiver manager.
The notice comes a day after KCB bank Kenya placed Mumias Sugar Company under receivership in order to (quote) protect its assets and maintain its operations (end of quote). The move marked a new twist to the troubled sugar milling company, which is also on the crosshairs of the Kenya Revenue Authority for unpaid taxes to the tune of 10 billion shillings.
