Yes, Auditor General Nancy Gathungu has indeed raised concerns about the continued existence of Rivatex East Africa Limited. According to the latest audit report, the company incurred an accumulated loss of KSh 3.04 billion for the financial year ending June 30, 2023¹. The report highlights that the firm is struggling with significant debts and a lack of raw materials, which has severely impacted its operations¹.
The firm’s debts include KSh 140.92 million owed to various creditors, including suppliers and the Moi University Pension Scheme¹. The audit report suggests that the company’s survival may depend on support from the government, bankers, and creditors¹.
It’s a challenging situation for Rivatex. Do you have any thoughts on what steps they might take to improve their financial health?
The debt comprises Sh56.88 million owed to suppliers, accrued expenses of Sh2.13 million, Sh4.33 million retention monies and some Sh67.29 million owed to Moi University Pension Scheme deductions.
Source: 28/08/2024
(1) Sh3 billion loss: Auditor explains why Rivatex is on its knees – The Star. https://www.the-star.co.ke/news/2024-08-28-sh3-billion-loss-auditor-explains-why-rivatex-is-on-its-knees/.
(2) MTRH on the red, Gathungu warns, exposes Sh3-billion-hole. https://www.the-star.co.ke/news/2024-06-13-mtrh-on-the-red-gathungu-warns-exposes-sh3-billion-hole/.
(3) Nzoia Sugar Company insolvent, says Auditor General – The Star. https://www.the-star.co.ke/news/2021-09-22-nzoia-sugar-company-insolvent-says-auditor-general/.
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