Financial Crisis –Investigations have revealed that a section of top employees at the Standard Group PLC media have been siphoning millions of monies through the backdoor, every month.
Ongoing investigations into the loss-making giant media house has established that some employees working in cahoots with accountants have been stealing money through the accounts of sacked employees.
The said millions of money leave bank accounts of the company every month in the guise of salary payments only to be shared among the racketeers.
The Deep racket within
The racket also plans and executes contracts some which are not necessary through projects that count nothing to the company.
The newly-introduced management unraveled this truth with a source telling this reporter that the new powerful committee which was recently appointed by shareholders discovered that the media house loses at least sh 40 million every month through the scandal.
It has been discovered that the Expenditure Committee investigating losses at Standard Group PLC confirmed that those payments are still made to sacked employees and nonexistent contractors.
This far, the new management has immediately directed that every expenditure must be approved by another level.
“It was a mysterious revelation that forced the committee to issue new directives requiring that any expenditure must go through approval processes.
“This includes both big and small expenses. Managers are not at liberty to choose how they would like to spend money,” a source stated.
Expenditure committee has since suspended senior managers at the Finance Department with fresh audit started.
Fresh audit to help unravel the rot
The audit aims at looking at the happenings since the company started operating in losses to date amid sacking threats to ease the company from financial pressure.
After investigations are complete, the powerful Expenditure Committee assured that they will make the document available for the public scrutiny.
After this is done, a resolution from the shareholders will be made on what should be done to either recover the lost monies or to help start making profits again, or both.
“It is clear that the new committee is more powerful than even the senior managers of the company. The committee does not take orders from anyone,” the source told a local news outlet.
In collaboration with all the departments, the committee also seeks to address the reduced advertisement revenues that has led to reduced business at the Mombasa Road- based company.
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