Mumias Sugar Company management has promised to turn around the loss making Sugar Company as it announced a bigger loss before tax of Sh3.4 billion from Sh2.2 billion last year.
The company's chairman Dan Ameyo said the company must re-look at its strategy to remain the best efficient sugar company in the country.
Ameyo asked shareholders to give them some time before the company is revived to its lost glory.
“I want to thank the shareholders for remaining patient and I still want to ask for your support to enable us pull out of this loss making,” he said.
The chairman put on notice the company staff that will be found guilty to have plundered the company’s resources of dire consequences.
Speaking during the company's Annual General Meeting at the Tom Mboya Labour College in Kisumu, Ameyo said stolen money must be recovered.
“If you will be mentioned in the forensic audit be ready to return the stolen money and prepare to go to jail,” he said.
However, Ben Washiali, Mumias East constituency MP faulted the company for scrapping the internal audit.
Washiali said it is expensive for the company to continue hiring forensic auditors, a job that could well be handled by the internal auditors department.
Ameyo in the meantime announced that the internal auditors will be reinstated early next year.
He said the department is critical for the company and their reinstatement is part of the re-structuring step being taken to revamp the company.