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The National Assembly Public Investments Committee on Commercial Affairs & Energy has directed that the National Government crafts a recovery strategy for the East African Portland Cement Company by August, 17, 2023.
The Committee chaired by Hon. David Pkosing (Pokot South) gave this directive during a roundtable talk with Trade Principal Secretary (PS) Dr. Juma Mukhwana and Company Managing Director Mr. Oliver Kirubai, in a meeting also attended by representatives of the Managing Trustee National Social Security Fund (NSSF) and the Aaea Manager-East South Africa Holcim Limited.
The recovery master plan, according to the Committee, should be crafted by a taskforce led by the Trade PS, assisted by his National Treasury counterpart, the East African Portland Cement Management and the Company shareholders.
This roundtable engagement was a follow-up meeting after two previous appearances of the Company's Management before the Committee, which is probing the cement maker's audit queries between Financial Year's 2018/2019 to 2020/2021.
Among the queries raised by the Auditor General is a finding that the Company's current liabilities exceeded their current assets by Kshs.13.8 Billion by end of Financial YearΒ 2020/2021.
Dr. Mukhwana told the Committee that the Government had drafted a raft of measures to revive the Company, including regularization of 907 acres of land under occupation by squatters who were willing to pay Kshs. 5 billion.
The PS said the Company had also reached an agreement with the National Government to dispose of a parcel of the idle land for construction of 4,272 affordable housing units at Kshs. 20 billion.Β
Hon. Pkosing questioned why the Company management had not considered entering into an agreement for sale of the land instead of the housing deal whose payment was not immediate.
"You have to be very careful with this proposal. You could sink yourself into a deeper hole," said Hon. Pkosing.
Further, Members wanted to know whether the financial crisis at the Company was engineered to instigate a downfall of the Company in favour of other private entities in the cement manufacture business.
