Opinion: Have the Jubilee forgotten Mumias?

In the recent time, not so long ago, the Mumias Sugar Limited was involved in not only spending big on political campaigns in 2017, but they also got big payouts with funds reviving the company that same year in 2017. Now two years after the previous elections, the KCB Bank put the company in receivership. This means the funds are insolvent and they struggle to raise enough funds to keep it afloat. That means the owners like Evans Kidero, Amos Wako and Henry Rotrich are struggling to keep it alive.

Surely, they didn’t see this coming. In 2000 and in 2001, the turnover records was set for the company. Since then the privatization and the other measures done, has clearly made the company volatile, as well as the opening of the boarders for more sugar imports. This must have all hurt the turnover, the profits and the margins of the company. Like back in 2008 alone, the company was behind over 50% sugar production in the Republic. That means and shows the importance of Mumias and its operations in Kenya.

Therefore, when it falls as hard it does today. It shows that its left behind. That the business-model, the strategic enterprise isn’t working. Maybe even, that the Jubilee haven’t seen it as an priority post-2017 Elections. We know the importance of it, as it is reported that professor Tom Ojienda has also obtained and solicited illegal funds from this company. That is why we know its vital place in the political sphere and in the republic as whole. The elite has been eating of the company and enjoyed it services, to a point that its crashing.

The millers, the sugar-farmers and the workers are the losers, as the receivership means the bank will runs the operations, until they possibly find a buyer. Someone buying its stake, since the company lacks funds to operate properly. This means, the investors and buyers needs to be loaded, to be able to fill the gaps of financial input, which is clearly needed. That is ironic, knowing how many campaigns, how much the company has gotten favours and how it has high-ranking officials whose had shares in the company.

The income statement on FT says it all: Year on year Mumias Sugar Company Ltd’s revenues fell -34.06% from 2.09bn to 1.38bn. This along with an increase in the cost of goods sold expense has contributed to a reduction in net income from a loss of 6.77bn to a larger loss of 15.14bn”. This shows how its burning funds and not earning at this point.

We can wonder if the Jubilee will bail on this one or if they are planning ahead for 2022 and want the support of Kakamega. This would be a vital investment, not only in the sugar business, but in the region. As they would save a big business, which has been the biggest producer and miller on the market. This is if the Jubilee cares, but if they are reckless, than they let it go. But then expect them to pay a price. As they are destroying an old institution, business and former state owned enterprise, which is now in the mercy of Kenya Commercial Bank (KCB).

This is not a good look. So my question is, have the Jubilee forgotten this company and its role in society? Or do they think there is someone else’s turn to have that place?

I don’t know, but this is shady, letting a company like this fall and one, which process sugar from the farmers. They will be limbo and need to supply other millers, since this one cannot sustain itself and needs new investments to cover the losses. In the end, the sugar-farmers are the losers. Peace.

KCB Bank Kenya Statement on Mumias Sugar Ltd. (24.09.2019)

Brexit: LTT – 20 September 2019 (20.09.2019)

Another look into the Oil-Road Cost: “Package 2” Hoima-Butiaba-Wanseko Road!

In the newest report of Oil Roads, which is expected to borrow funds for. The China Exim Bank is supposed to be provider of 85 % of the cost of the operation and building of the roads in these projects. I will only look into one of them, as I have previously looked at this significant one.

This is the Hoima-Butiaba-Wasenko Road. A project that was supposed to start in 2015 and was clocking in funds from the state budgets in 2017. Back in 2015, the road was estimated to cost $126m USD. Today, with the recent report, the same road is costing $179,538m USD. That is jump of nearly $50m in a five years time. In addition, of these bloated funds, 85 % of it will be loaned from China and the rest 15% covered by the Government of Uganda (GoU).

In 2017, this project was designated the China Communications Construction Company (CCCC), which signed a deal in January 2016. However, by the time of the report 2019, it is another Chinese Company who has the contract. This is Chongqing International Construction Corporation (CRC) Ltd. With the recent contract, the loans are clearly getting direct back to the Chinese, as their corporations are the ones with the contracts to build. A clever way of borrowing and then getting returns.

With this mind, we can see the changes, see over the years how the price has changed. If Members of Parliament was afraid of the price per kilometre in the past. They should be now. As the changes of price on the same project has changed significantly. There is no doubt, that the Chinese government are getting added loans on each of the packages in this deal. As this is just one of the roads in question.

This is 111km is now costing 659,921,964,460.17UGX in Ugandan terms or 659bn shillings and that equals to about 5,9bn shillings. Therefore, the prices has sky-rocketed and the price per kilometre is abnormal and extremely costly. The overpriced asphalt and the consultation is in absurd levels. The previosly estimated price for this road was about 444bn shillings. Therefore, we can see rising price between the years in both currencies. About 200bn shillings growth in 5 years. 

To many cooks and too few ingredients. They are boiling soup on nails on this one. Wonder how this will end. As I felt in 2017, that the pricing of this particular road was a bit too much, but now they have just escalated it.

We can wonder whose eating, but someone is. We just don’t know who, because there been designated funds to build this one in the past and it has still not commenced. Surely, this road will be built, but at what point. However, with the added loans, the pressure should be on. Also, to secure the oil so it makes financial sense too. That the added value is there. It got to be. Because this project is over the top. This is the real OTT service, paid for by the Chinese and the tab is all taken by the Ugandans. Peace.

Rep. Elijah Cummings letter to Secretary of Defence Mark T. Esper on the Emoluments Clause violations at Trump Turnberry (18.09.2019)

Opinion: The Trump Administration is an open bazaar of corrupt behaviour

In the days when hyenas of hate suckle the babes of men, and jackals of hypocrisy pimp their mothers’ broken hearts, may children not look to demons of ignorance for hope.”Aberjhani

This was anticipated with the sort of figure that the President is. The way the Trump Organization has done its business and operated. They would embed itself with the state and earn on the Presidency. It is not complicated, but they are using twists and turns to earn profits on the time in the oval office.

If it is Jared Kushner, the White House advisor and Middle East ninja, whose has bought himself expensive buildings and needs refinancing, whose gotten Middle Eastern finance for favourable foreign policy.

The same is the buy-off’s of Chinese Trademarks for Ivanka Trump and the rest of the Trump Organization. This being done, as the American government is putting more tariffs, but their business there is booming.

To top it off, the President is getting foreign dignitaries to spend time at his leased state building, renovated to hotel in Washington D.C. or at the other golfing estates. As he has meetings with the Japanese Prime Minister or anyone else. It is also all the weekends travelling to the estates, staying over and golfing there. While the state pays for the President, Secret Service and other government officials who stays at these plays. All of this is monies in the pocket of the President.

His spending time and using so many days at his estates, if it is Miami or elsewhere. As he spends the weekends and is not in office. All of the money spent on travelling and people residing there to secure the head of state. This is blatant misuse of power and reckless spending.

To top this off is the Trump Turnberry in Scotland, where the President has a special agreement between the local airport, Department of Defence and his estate. Which the DoD air-planes flies off to this place to refuel, which is far out of the map and ordinary scheduled air-time. Where it overstay’s and let the personnel overnight plenty of miles away. This is a scheme to fill the pockeets of President and his company.

Yet another trick of the trade. The millions upon millions of dollars spent on properties and estates, in the mercy of budget deficit and possible recession. A President blessing misspending and corrupt behaviour, where paying his hotels, his limited produced products and you will get a feast at the oval office.

President Trump does this, because the corrupt behaviour has no consequence. Not like the Senate going to bother. Not like the Courts cannot be stalled and he can misuse the “executive privilege” like a psycho. Because, that what he does and that is why no subpoena is followed, but awaiting judgement in some court in the United States.

This is why the United States is a Banana Republic, which the President can misuse his power without sanctions. Where he can enrich himself and the codes of laws doesn’t matter. The GOP is loyal lapdogs, who wouldn’t care about 100x Tin-Pot Dome scandals in our time. If Exxon or Chevron paid Trump to drill oil in Alaska. It would be cool, nobody would give a flying fuck. The President is allowed too.

If you have a dollar, remember to drip a few cents on the President. Than, he will open up doors, ensure laws are made to fix your issues and make it easier for you to operate. So, go to Trump Hotels, buy Trump products and finally connect with the White House. Then you’ll have it easy to set-up business in the US. Peace.

Kenya: Report on “corruption plauged” Arror and Kimwarer Dams Projects (18.09.2019)

Zimbabwe: Press Release on Court Judgment on 2% Intermediated Money Transfer Tax (18.09.2019)

Brexit: A useless meeting in Luxembourg

If you ever thought the meeting between the European Union leaders and Prime Minister Boris Johnson would make a difference. It wouldn’t, were back to square one or the same as yesterday. The Prime Minister have been busy campaigning, suspending parliament and not really ensure the withdrawal from the EU. Therefore, today is really a suspected approach of it all. Not like the Tories nor its government had any significant plan to make a difference or find solutions.

That is why the statements from both parties shows this.

EU Statement:

President Jean-Claude Juncker and Prime Minister Johnson had a working lunch today in Luxembourg. The aim of the meeting was to take stock of the ongoing technical talks between the EU and the UK and to discuss the next steps. President Juncker recalled that it is the UK’s responsibility to come forward with legally operational solutions that are compatible with the Withdrawal Agreement. President Juncker underlined the Commission’s continued willingness and openness to examine whether such proposals meet the objectives of the backstop. Such proposals have not yet been made” (EU – ‘Statement by the European Commission following the working lunch between President Jean-Claude Juncker and Prime Minister Boris Johnson’ 16.09.2019).

UK Statement:

The Prime Minister and President Juncker had a constructive meeting this lunchtime. The Brexit Secretary and Michel Barnier were also in attendance. The leaders took stock of the ongoing talks between the UK’s team and Taskforce 50. The Prime Minister reconfirmed his commitment to the Good Friday/Belfast Agreement and his determination to reach a deal with the backstop removed, that UK parliamentarians could support. The Prime Minister also reiterated that he would not request an extension and would take the UK out of the EU on the 31st October” (UK – ‘PM meeting with President of the European Commission: 16 September 2019’ 16.09.2019).

Because, we see what is the vital things. For the EU is the measures made within Northern Ireland, UK mentions it, but the final date is more important than how it will be after the ending of the membership. Which is rare approach to it all, that the PM is not working to configure the ending, but securing the date. It is like the final destination is more important than to where his going.

While the Brexit is in crisis, the PM doesn’t act like it. His just ready to run, before he trained to walk. Boris seems again to focus more on his own talking points, than what is really important. That is weird as a head of state, he should care about the consequences and the possible change post-Brexit. However, the PM explains what he wants gone, but he has no answer to what that will be. That is why there is nothing done with the backstop, only that the PM wants it end it all in time.

That is really a weird way out. Not with the tact or ideals of what should be the focus. The Tories and the PM really need to change. There is no technical solution, as the EU have delivered their own solution, one that the PM is dismissing. That he has no other option to fix.

The only thing Boris can fix is his own spin on the BBC, the rest is not eating it. I don’t, I will not eat his rubbish. You can, but Europe see his play and think he can fool the world. However, seemingly by his record breaking lack of finesse. Boris is losing at home too, that is why his corned, but he doesn’t know it yet. Peace.

Brexit: Hilary Benn MP letter to Prime Minister Boris Johnson (16.09.2019)