Portland MD sacked by the board as internal wrangles intensify
The East Africa Portland Cement Company(EAPCC) managing director Stephen Nthei has been sacked by the board.
This comes as internal wrangles intensifies over sale of two parcels of land to generate more than Sh6.2 billion required to repay a KCB loan.
Before he was sacked, Nthei was on his leave when the board appointed Daniel Kiprono, who was the head of internal audit, as the acting managing director of the company with effect from February 8, 2021.
“The board of the company wishes to inform the shareholders that Mr Daniel Kiprono has been appointed as the acting managing director of the company with effect from February 8, 2021,” EAPCC said in the notice to the shareholders.
When Nthei’s leave elapsed, the board extended his leave by five more days via communication by Kiprono.
When he formally resumed duties, Nthei found his office occupied by Kiprono.
The Portland board had reached a resolution to dispose of two parcels of land in Mavoko to offset debts and restructure the company.
According to sources, Nthei favoured the sale of the land done in partnership with KCB Group while section of directors were fronting a foreign investor to acquire the land at market rate, triggering the boardroom fallout.
The process for sale of the 745-acre piece of land began in earnest in December last year.
Nthei served the company for 14 years.
