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.
The Shares holders have been left to hold on to empty share certificates (if any has been issued) as the cash reserves and assets have been depleted and wasted. The strong hold of the Founder and his cronies on the Management, Board and the Advisory Council has left the Company playing 2nd fiddle and jumping to his whims, disastrous adventures with resultant huge losses detriment to the company and the welfare of the share holders. This has left the company exposed and largely entangled to a corrupt network operating within the holding company and all of its affiliates. Shareholders have had little or no access to correct information and true reflection of the actual status of the company as secrecy, lack of openness and the silencing of shareholders and any vocal whistle blower has continued unabated.
There is thus an urgent need for shareholders to take charge of the affairs of this company and free it from the shackles of its broken leadership team, clean its dirty swamp, reorganize its mearger finances that is left and the assets wherever they may be. They must re-set its vision, purposes and objectives and hav a careful and considered view, determine whether the company and its affiliated companies should be wound up and or re-branded, refinanced and re-organized / re-structured all together with a view to re-energize the shareholders to invest further capital and set the group of companies on path to recovery and growth.
The "Power of Many" must now more than never be put to task. Shall we seat back and watch the loss of over Kshs 5 Billion get wasted and plundered to the benefit of a few or shall we awake to reclaim what is truly ours?
Should you agree, sign the Petition with full official name as per the share purchase application form, share certificate or name as it appears on the Company share register. Please share the message to other fellow shareholders and persons of interest in the company.
This Petition is being organized by Investor Trustee Group (ITG) which is a group of volunteers shareholders like you who wish to exercises their powers as vested in the Company Memorandum and Articles and the Companies Act CAP 486 (2015) and empowering provisions of the Kenyan Constitution 2010.
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