Sony Sugar boss differs with board over company's books
Sony Sugar MD Jane Pamela Odhiambo at a past media briefing. PHOTO | FILE | NATION MEDIA GROUP
What you need to know:
Latest dispute comes a week after the board sent Ms Odhiambo on compulsory leave over alleged sugar theft.
Board chairman Ambrose Weda said the miller made Sh140 million profit in the quarter that ended on December 31, 2016, compared to a Sh42.6 million loss in the previous period.
However the firm's MD Jane Odhiambo disputed the figures saying they were not official.
Sony Sugar Managing Director Jane Pamela Odhiambo and the company’s Board have differed over the miller’s financial performance over the last quarter.
The latest dispute came under a week after the board sent Ms Odhiambo on compulsory leave over alleged theft of sugar in the factory.
On Thursday, board chairman Ambrose Weda said the miller made Sh140 million profit in the quarter that ended on December 31, 2016.
“This in comparison to Sh42.6 million loss for the same period in 2015, representing a 134 per cent increase. Payment to cane farmers is up to date since June 2015,” he said, adding that the board was “keen on reducing financial mismanagement and looting at the miller”.
Mr Weda said he was rolling out a new programme in which farmers “will be paid upon delivery”.
However, in a rejoinder, the MD disputed the figures saying they were not official.
"No due process"
She said the report must be sent to the Ministry of Agriculture before they are made public.
“The financial reports must first be sent to the Ministry of Agriculture and National Treasury for verification because they are the owners of the factory…that has not been done so far. The board chairman cannot just release financial results without following the laid down procedures,” she said.
Sony Sugar has 30,000 contracted farmers in Migori, Homa Bay and Kisii counties.
The row escalated under a week after Mr Weda revealed that Ms Odhiambo had been sent on a compulsory leave following the theft of sugar worth millions of shillings from the firm’s stores.
The theft has not been linked to her but the board chair said she was suspended to pave the way for investigations.
“Our preliminary investigations has confirmed that sugar worth millions of shillings has been lost in the recent past, necessitating the probe. Nobody is considered guilty until the investigations are over,” said Mr Weda.
Ms Odhiambo said the letter sending her on leave had not been accompanied by the board’s minutes.
“I have received a letter but it’s not accompanied by the board minutes or resolutions. And the letter sending me on compulsory leave should have come from the Ministry of Agriculture…my appointing authority and not the board,” Ms Odhiambo told the Nation on phone.
The board has already appointed the factory manager Bernard Otieno as acting MD until the probe is concluded.
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