Factories run by the giant Kenya Tea Development Agency (KTDA) are soaked in Sh26 billion debt following a borrowing spree that flouted financial guidelines, an audit by the tea industry regulator has revealed.
The audit by the Tea Board of Kenya (TBK) flags several blunders, including KTDA sanctioning inter-factory loans at the headquarters and over-valuing assets to get bigger loans, while factory managers took loans not approved or beyond the limits approved by their respective boards of directors.
