Assets of the Kenya Planters Co-operative Union (KPCU) are now on sale after years of the co-operatives’ receivership. This follows the co-opratives’ poor performance as well as mounting debt that drove the union to its knees.
KPCU was put under receivership by KCB since 2009, owing to its debt of over 700 million. The 75-year-old company was also struggling with poor management and corruption, which accelerated its certain death. Earlier this month, Peter Munya The cabinet Secretary for Trade order the liquidation of the union, a process which will take six months.
The fate of the body’s board of directors, however, still hangs on the balance as the liquidation process continues. This follows several allegations of theft, including instances where the management sold coffee and withheld payment from farmers.
