Kenya state oil company’s chief to quit as probe into oil disappearance begins





Director of Kenya’s state oil company, Joe Sang, has announced that he will not seek a second term in office after the company’s board of directors sanctioned an investigation into the disappearance of 21 million litres of fuel.
Kenya Pipeline Company (KPC) had initially said the lost fuel was either spilt or stolen by vandals.

In a statement released on Tuesday, Sang – whose term ends in April 2019 – said he would not seek to extend his tenure “due to personal reasons.”In a press statement signed by KPC chairman John Ngumi, the board said it had invited oil-marketing companies to conduct a forensic audit of stock positions and to complete the exercise by December 31.




“The board directed management to accord maximum cooperation to both the DCI and the forensic auditors,” local Daily Nation newspaper quotes Ngumi to have said. The developments come following a dispute between KPC and major oil companies over the whereabouts of 21 million litres of fuel, worth more than 2 billion shillings ($20m), which the company claims spilt in the fields or was stolen in the past two years.

10 leading oil marketers had written a joint letter dated October 26, 2018 in which they demanded to conduct their own forensic audit to check the accuracy of stock statements issued by KPC and get to the bottom of what was turning out to be bogus records of loss. KPC has no fuel of its own and holds stock in its system on behalf of the oil marketers and now cannot account for the missing product.

 

 

 

 

 

 

 

 

 

Source:  CGTN