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Sunday, September 24, 2023 –A section of top employees at the Standard Group media have been siphoning millions of monies through the backdoor, every month.
Ongoing investigations into the loss-making giant media house has established that some employees working in cahoots with accountants have been releasing millions of monies to accounts of employees who no longer exist or were fired long ago.
The said millions of money leave bank accounts of the company every month in the guise of salary payments only to be shared among the racketeers.
The well-established racket also plans and executes contracts some which are not necessary through projects that count nothing to the company.
Losing at least sh 40 million Monthly
The newly-introduced management unraveled this truth with a source telling this reporter that the new committee which was recently appointed by shareholders discovered that the media house loses at least sh 40 million every month through the scandal.
It has been discovered that the Expenditure Committee investigating losses at Standard Group PLC confirmed that those payments are still made to sacked employees and nonexistent contractors.
This far, the new management has immediately directed that every expenditure must be approved by another level before money leaves the company’s accounts.
“It was a mysterious revelation that forced the committee to issue new directives requiring that any expenditure must go through approval processes.
“This includes both big and small expenses. Managers are not at liberty to choose how they would like to spend money,” a source stated.
Expenditure committee has since suspended senior managers at the Finance Department with fresh audit started.
Audit started to unravel the misery
The audit aims at looking at the happenings since the company started operating in losses to date amid sacking threats to ease the company from existing financial crisis.
After investigations are complete, the powerful Expenditure Committee assured that they will make the document available for the public, shareholders and their staff to have a look at and scrutinize.
After this is done, a resolution from the shareholders will be made on what should be done to either recover the lost monies or to help start making profits again, or both.
“It is clear that the new committee is more powerful than even the senior managers of the company. The committee does not take orders from anyone,” the source told a local news outlet.
In collaboration with all the departments, the committee also seeks to address the reduced advertisement revenues that has led to reduced business at the Mombasa Road-based company.
Standard Group PLC management, recently, released a statement saying it was struggling to join the emerging technology news world as competition remains stiff from the digital space.
In recent times, the company has lost top presenters in both the radio and Tv departments who have since joined rival outlets.
SGL owns Standard newspaper, KTN News, KTN Burudani, KTN Home, Radio Maisha, Spice FM, Vybez Radio and other news outlets whose survival has bene hanging on a delicate threat.
The media house was started in 1902.
