EA Cement chair appointment halted
11 February 2014, 11:38
Nairobi - A court has halted the appointment of Cooper Motor Corporation Managing Director, Bill Lay, to the chairmanship of East African Portland Cement hours after his appointment.
Incumbent Chair, Mark Karbolo, went to court to block Lay’s appointment claiming that he still had seven months in office.
He added that he would be content to leave after finishing his term and not be bundled out as if he had run down the parastatal.
“I still have seven months to go. I will be glad to call it a day when I have served my term,” said Mr. Karbolo.
Lay had earlier thanked President Uhuru Kenyatta for giving him the opportunity to serve the country in the capacity of chairman of East Africa Portland Cement.
The parastatal has in the recent past been rocked by boardroom wrangles in what the incumbent says is the politicization of the listed company.
Lay, who was CMC’s MD, had been rejected by EA Portland’s board when the government tried to introduce him late last year as a director to the company.
“I am, and remain to be the bona fide chairman of the EA Portland Cement Co. Ltd, with the support of the shareholders, majority of directors and the personal,” said Karbolo.
The government is the largest shareholder at EA Portland with 52 percent of the total 90,000 000 shares with 27 percent of those being held by NSSF. NSSF is also facing a Sh. 5.03 billion shilling tender scam of its own.
– CAJ News
For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!