Shocking details how Sameer Africa PLC, a company that was best known for tyre manufacturing and a leading tyre trading company with 50 years of extensive experience in tyre specialization, was looted and left to close have emerged. A Naushad Merali-owned firm has been recording losses since 2018 as evidenced in the HY June 2019 report.
According to reports, the people behind the 2018 losses Sameer Africa PLC has been subjected to and the amount they looted in the year the company posted a loss of Ksh 686.4 million for the year ended 31 December 2018 has been revealed.
It’s said the Sameer Africa Company paid out a total of Sh3,065,000 in sitting allowances in the year 2018 up 79% from Sh1,715,000 2017.
Top on the list is Simon Ngigi Gachomo who allegedly pocketed sh21.5 million. Gachomo was appointed as Managing Director in October 2018 where he allegedly siphoned the funds up until August 2019 when he resigned ‘to pursue personal interests.’
Second on the list is Engineer Erastus Mwongera, the chairman at Sameer Africa and KENHA, he allegedly went with Sh3.25 million. It is said that in 2018 Engineer Mwongers was paid sh545,000 in sitting allowances, a 78.7% increase from Sh305,000 in 2017.
Third on the list is Ms Mary Ngatia, director and member of the audit, risk and corporate governance committee of the board, she allegedly took Sh960,000.
Forth is Peter M. Gitonga, who was appointed acting Managing Director following the departure of Simon Ngigi Gachomo, at the time he was a member of the nominations and remuneration and the finance and investment committee of the board, he allegedly made away with Sh940,000.
Fifth is Dr. Winnie Iminza Nyamute, chair of the audit, risk and corporate governance committee of the board with Sh880,000.
Sixth is Akif H. Butt, member of the finance and investments committee of the board with some alleged Sh860,000, his sitting allowance rose from Sh160,000 to Sh380,000 a 137.5 spike.
Second last is Sameer N. Merali member of the finance and investments committee of the board allegedly pocketing Sh800,000, In 2018 Merali took homeSh800,000 in sitting allowances a whooping 300% increase from Sh80,000 in 2017.
And finally, Dr. Lydia Muthoni Mbuthia, the chair of the finance and investments committee of the board pocketing the least at Sh480,000.
The company is on its deathbed.
Email your news TIPS to email@example.com to get your article published.