18 Sep

Agriculture Cabinet Secretary Peter Munya. Former directors and top managers of the Kenya Tea Development Agency (KTDA) are staring at a possible prosecution after a report by a multiagency pointed to malpractices at the firm.Agriculture Cabinet Secretary Peter Munya says the multiagency report formed by the Attorney-General in April has recommended prosecution for those who will be implicated in the misappropriation company resources.

The team that has been undertaking a forensic audit on KTDA operations will make public its report in a month with besides prosecution, the Preliminary report recommending seizure of assets to recover lost funds“The relevant government law enforcement agencies are studying the report from the inspection team to enable them take appropriate action. Successful prosecution will lead to recovery of misappropriated assets,” said Mr Munya.

President Uhuru Kenyatta had early this year ordered the Attorney General Kihara Kariuki "to conduct an inquiry into the alleged statutory and regulatory compliance breaches allegedly committed by KTDA and its directors."This, the President said, include "potential price and auction manipulation, abuse of dominance, insider trading, wastefulness and breach of directors' fiduciary duties."Six KTDA top managers were sent on compulsory leave in June to pave way for investigations on alleged malpractices at the firm.

Long serving managing director Lerionka Tiampati, who was among the six, has so far resigned from the helm. They had been suspended for three months.Other members who were sent on leave and their fate is yet to be known, include the company secretary John Omanga, managing director Alfred Njagi, finance and strategy director Benson Ngari and David Mbugua, general manager ICT.

Source: Business Daily