Uchumi is pretty much selling all its assets to pay off liabilities. This company is gone for good. Even with a bailout. The government should just give its employees jobs and walk away,
With debts amounting to 3.6billion, the bailout when approved will see 1.4billion injection plus about 2.6 billion sale of the Kasa land Uchumi mentioned, it’s sale in the works total of 4billion, then the debt will be cleared. That is what is ailing Uchumi, so huyo Kipngetich turnaround stint itafanyika… Will he hold the supermarket up after this?? ndio swali
Think about it as a company that’s starting from scratch. The only difference is its name. What are the chances of making it?
The governement will never absorb
The best thing that UCHUMI should do is simple. wachia Tuskys na Utawala kazi.
The
The government has pretty much been giving away free money in the guise of bailouts to uchumi. They bailout and the money gets squandered pocketed. Why not use that money and absorb the poor employees into government positions instead of lining the pockets of rich crooked CEO and directors. Jubilee promised 500,000 jobs. You mean they have trouble creating 700 . Same thing with bailing out Mumias, panpaper , etc. Why is the government in retail business .
The UCHUMI auditor (Ernst & Young) was paid KES36million Auditors’ remuneration 16,080,000(2015) 19,500,000(2014) according to their Financial Statements. This is among the highest Auditor’s fees. Pia mimi ukinilipa I will doctor those statements
http://kenya.uchumicorporate.co.ke/images/stories/financial-report-2015.pdf
Why should the government get involved?..let market forces prevail…government has no business in business
Ukwala Supermarkets aka Choppies