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Portland Cement audit now finds Sh3bn insolvency
Entrance to the East Africa Portland Cement factory in Athi River. Inset, Mr Simon Peter ole Nkeri, MD of EAPCC and Mr Kephar Tande, the former MD. PHOTO | FILE
Auditor-General Edward Ouko has offered a gloomy assessment of East African Portland Cement Company (EAPCC), casting doubts on the firm’s ability to stay afloat with a Sh2.8 billion hole in its balance sheet.
Mr Ouko, in an audit report prepared on his behalf by consultancy firm Deloitte, says that Portland’s current liabilities of Sh4.96 billion have grossly exceeded its current assets of Sh2.11 billion, leaving it technically insolvent.
