Capital Markets Authority (CMA) has hired another firm to carry out a fresh forensic audit at troubled sugar miller Mumias, saying the earlier investigations by KPMG into the company had “quality” issues.
The regulator further said that those implicated in the fresh investigation will be prosecuted.
The regulator declined to reveal the identity of the consultants carrying out the new investigations, but said findings will be disclosed once the study is completed.
CMA poked holes into the KPMG probe, saying there were “concerns over the quality of initial findings” hence the need for a fresh investigation.
KPMG was hired in May 2014 to do a forensic audit at Mumias Sugar following allegations of illegal sugar imports by the miller’s top managers, which led to the exit of chief executive Peter Kebati, finance director Chris Chepkoit and commercial director Paul Murgor.