KPCU set to be liquidated in the next six months

The State has issued a gazette notice to liquidate the much-looted Kenya Planters Co-operative Union (KPCU), setting the stage for an independent assessment of the financial health of the troubled farmers union and subsequent disposal of assets.

Acting commissioner for Co-operative Development Geoffrey Njang'ombe has picked a team of four officials to oversee the liquidation process to be completed over the next six months. Likely to be forgotten in the process are billions owed to KPCU by prominent businessmen and politicians, some dead, advanced as loans.

“I do appoint Stephen Kamau Njoroge, Assistant Director of Co-operative Audit of Nairobi, Doris Wangui Githua , Principal State Counsel of Nairobi, Anthony Maina Waithaka, Principal Co-operative Auditor of Murang'a County and Joyce Nkirote Kinuu , Senior State Counsel of Nairobi to be joint liquidators for a period not exceeding six months and authorise them to take into their custody all the properties of the said union, including such books and documents as are deemed necessary for completion of the liquidation,” said Mr Njang'ombe in a notice dated August 2, 2019.

Trade and Industrialisation Cabinet Secretary Peter Munya had earlier communicated the intent to liquidate the poorly managed and debt-riddled firm owing to corruption and mismanagement.

“Apart from mismanagement and corruption, the union has also failed to comply with the provisions of the Cooperatives Act on proper management of coffee farmers’ assets, which is why we are liquidating it,” Mr Munya said on August 2 while announcing the basis for liquidation.