By NATION REPORTER
Posted Monday, December 26 2011 at 19:41
Posted Monday, December 26 2011 at 19:41
The suspended East African Portland Cement board chairman and managing director have been blocked from entering the company’s premises.
Ministry of Industrialisation PS Karanja Kibicho issued the orders which add a fresh twist to a management row at the cement factory after chairman Mark Karbolo dismissed his suspension and that of Kephar Tande, vowing to block the move in court.
Acting MD Peter Korir on Sunday stirred the situation further by issuing a notice in the newspapers warning against transacting business with Mr Karbolo and Mr Tande while they were suspended.
Held meeting
The PS, it has emerged, held a meeting at the Eapcc premises in Athi River last Friday with managers a day after acting Industrialisation Minister Amason Jeffa Kingi suspended Mr Karbolo and Mr Tande citing malpractice and poor performance. (READ: Kingi sends EA Portland board on compulsory leave pending probe)
Dr Kibicho asked Mr Korir to take over in acting capacity as the board of directors instructed their lawyers to contest the suspension in court on grounds that Eapcc was no longer a parastatal.
He, however, maintained that Eapcc was a state corporation contrary to information that it had changed hands.
Sources close to the meeting said the PS was categorical that the government was not aware of any reduction on its shareholding from 52 to 48 per cent.
During the Annual General Meeting on December 15, shareholders were informed that National Social Security Fund had reduced its shares from 27 to 23 per cent, making the government a minority holder.
It is not clear whether the change of hands was ratified during the AGM.
Mr Karbolo said, “The action by the minister amounts to gross interference in the affairs of the company and consequently the board and directors will not comply with the minister’s order and will instead refer the matter for legal interpretation to the relevant authorities,”
Dr Kibicho on Friday also and withdrew their company transport until investigations into allegations against them are concluded.
Dr Kibicho on Friday also and withdrew their company transport until investigations into allegations against them are concluded.
In one of the accusations, the company paid an extra Sh69 million for the supply of clinkers from India in 2010 against the advice of its tender committee. The contract cost was Sh692 million.
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