The report says this exposes the parastatal to possible seizure of its assets by the lender. [Courtesy]
Cash-strapped National Oil Corporation of Kenya (Nock) lost nearly half a billion shillings in a single financial year, raising its accumulated losses to over Sh3 billion.
In addition, the auditor general report states that the State-owned corporations current liabilities stand at Sh7.5 billion, more than its current assets estimated at Sh2.3 billion.
Nock is further on the spot for defaulting a loan from Kenya Commercial Bank (KCB) amounting to Sh3.7 billion.
The report says this exposes the parastatal to possible seizure of its assets by the lender.
Auditor General Nancy Gathungu, in a report for the year e…
Read the full article at: https://www.standardmedia.co.ke/business/article/2001420046/broke-national-oil-lost-sh500m-in-single-year-risks-auction
