Chaos erupts at company’s Annual General Meeting over KSh100 million

Kasigau Ranch. Photo:courtesy

During the Kasigau Ranching Company Annual General Meeting (AGM) which was took place on Friday, May 10, disputes arose as shareholders were not pleased by the Board of Directors and how they spent the company’s finances.

The more than 3750 shareholders rejected the company auditor and secretary reports which they described biased and inaccurate.

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Shareholders are now asking the county administration to appoint an independent auditor to shed light on how KSh100 million disbursed by Wildlife works through Kasigau reducing emission from deforestation and forest degradation as carbon credit payouts last year was spent.

Heavy police presence was seen at the meeting attended by the County Chief Officer, Stephen Mcharo.

“We have today resolved to disapprove the auditor and company secretary reports and the two offices cease to represent our company interests. The two offices are biased and protect the interests of the directors. They do not represent the true state of affairs of the company that is facing management and financial crisis. We will appoint the new ones to represent our interests and all the nine directors should go home,” Gibson Dodi, a shareholder, told Stephen Mcharo.

Kasigau Ranch was registered in 1971 as a directed agricultural company and currently has over 3,000 members.

It is located in Taita Taveta County, about 70km from Voi Town, and kilometres from Kasigau Centre.

By Frank Mugwe

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