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Corporate

CMA to use second Mumias Sugar forensic audit in court prosecutions

The Mumias Sugar factory. PHOTO | FILE
The Mumias Sugar factory. PHOTO | FILE 

Kenya’s capital markets regulator has hired another firm to carry out a fresh forensic audit at troubled sugar miller Mumias, saying the earlier investigations into the company had “quality” issues.

The Capital Markets Authority (CMA) says those implicated in the fresh investigation will be prosecuted.

“The authority confirms it has commissioned an independent forensic audit to establish the state of affairs of Mumias Sugar Company, which is ongoing,” said CMA said in a response to Business Daily queries.

“This is a separate process from the one earlier conducted by KPMG and is being undertaken by a different entity.”

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