Mumias sugar company entrance.[Photo/the-star.co.ke]Troubled Mumias Sugar Company is set to conduct a financial audit to establish how a Sh3.2 billion bailout by the Government was used.
According to Board chairman Kenneth Ngumbau, the probe targets former managers in the finance and procurement departments.
“We shall commission thorough investigations and audit various departments to establish how the money was spent,” Dr Ngumbau told is quoted by the Standard.
Ngumbau stated that he had had invited Government agencies to audit the firm’s financial systems.
“The last tranche of Sh500 million the company received went into reviving the milling firm. We must be told how the Sh3.2 billion given earlier was spent by the former managers,” he said.
“The board and the management are in constant consultations to ensure the revival of the company. We aim to implement our five-year strategic plan to have Mumias back on its feet,” he added.