An online petition is targeting the Chairman of Fountain Enterprise Program (FEP) Eng Erastus Mwongera.
"He needs to explain to investors why the board cannot address matters raised leaving investors to petition them so that they take over the management of the company to make long overdue and needed change", reading a forwarding mail by one of the FEP investors.
84 signatures have already been collected. At one time, FEP was set to buy a bank associated with a former Chief Secretary in government.
Efforts to reach Eng Mwongera, a former Permanent Secretary and current Chairman of a roads agency have been successful.
This is how the petition reads:
FEP Holding Limited (Fountain Enterprise Program) is a public company limited by shares in which over 77,000 Kenyans of all walks of life both in Kenya and in the diaspora pooled resources by buying shares in the company and its associated affiliated companies between the period 2012 to 2017 with big promises of big bonuses in from 2013 onwards and ownership of a bank in 2015. In all, close to over Five (5) billion Kenya Shillings was mobilized /collected.
However, due to a startling poor management, outright theft, embezzlement, fiddling of books of accounts of such companies as the group SACCO, corrupt allocation of shares, mis-procurement of over prized assets such as parcels of land, motor vehicles, hiring of idle & incompetent staff members, renting of unnecessary office spaces in with exorbitant rentals, insider trading, conflict of interest issues among a host of other mattera has brought the company to its knees.
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