{{Four main shareholders of the troubled Akamba Bus Company have vowed to take its directors to court over alleged mismanagement.}}<\/p>\n
\u201cWe strongly believe that the decision to wind up the company was in bad faith with hidden motives; the company was strong enough to continue with its operations but the directors had other motives,\u201d the four shareholders said.<\/p>\n
Mr Martin Malinda, Mr Kioko Musau, Mr Peter Kamba and Mr Richard Mangeli said by the end of 2010, the company had more than 100 buses in operation.<\/p>\n
\u201cBut within 18 months the directors had sold 70 per cent of the buses without informing shareholders,\u201d said Mr Kamba the group\u2019s spokesman, at a meeting in Machakos town on Saturday.
\nHe added: \u201cAmong assets disposed off were buildings valued at more that Sh500 million.\u201d<\/p>\n
The vowed to institute civil proceedings against the directors to shed light on the circumstances surrounding the collapse of the once giant public transport company.<\/p>\n
Mr Kamba said they would resist any attempts by the directors to sell the only remaining property of the company \u2014 a building in Machakos town that housed the bus firm\u2019s regional offices.<\/p>\n
\u201cWe have been informed that the price they are quoting is Sh9 million yet the market price for the same is Sh19 million,\u201d he stated. The shareholders want the government to investigate claims that company funds were transferred out of the country.<\/p>\n
\u201cMore than 600 employees lost their jobs. Shareholders too also lost dearly,\u201d the four said, adding that they were willing to revive the company without the former directors.<\/p>\n
Transportation in East Africa suffered a major blow after Akamba Bus Company suspended its operations last year. Passengers, mostly traders and students, were forced to find alternative means after the company closed shop due to financial problems.<\/p>\n
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{{Four main shareholders of the troubled Akamba Bus Company have vowed to take its directors to court over alleged mismanagement.}} \u201cWe strongly believe that the decision to wind up the company was in bad faith with hidden motives; the company was strong enough to continue with its operations but the directors had other motives,\u201d the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[99],"byline":[170],"hashtag":[],"class_list":["post-5637","post","type-post","status-publish","format-standard","hentry","category-business","tag-greatlakesnews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/5637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=5637"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/5637\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=5637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=5637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=5637"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=5637"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=5637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}