Tag: CMC

CMC Motors has been appointed the local dealer of Renault Trucks heavy commercial vehicles, entering the lucrative segment currently dominated by Isuzu East Africa,...

The vehicles ranging from pickups, SUVs and transit vans are expected to appeal to a wider consumer base as the car dealer looks to...

Dubai-based Al-Futtaim was on Thursday still seeking the support of CMC shareholders owning six per cent stake to complete its takeover of the car...

Auto dealer CMC Holdings has postponed the Extraordinary General Meeting (EGM) scheduled for Thursday this week. This follows a request by the Dubai based Al-Futtaim...

Handing over keys to five cars at the county headquarters yesterday, CMC Motors Group Ltd representative, Solomon Mwanthi said the four-wheel drives Fords are...

CMC Holdings Limited has denied losing exclusive franchises for Jaguar Land Rover (JLR), and Ford in Kenya and Uganda. Group Managing Director Bill Lay says...

Motor dealer CMC Holdings lost more than Sh1.1 billion in inflated charges paid over five years to a transport and logistics firm owned by CMC board member and former chairman Peter Muthoka, a forensic audit by Price water house Coopers (PwC) has found.

The Capital Markets Authority has extended the suspension of CMC Holdings Limited from trading at the Nairobi Securities Exchange (NSE) for another 21 days. The extension takes effect on February 3 when the initial 90-day suspension expires. While allowing the board of directors an opportunity to resolve disagreements at CMC, the Capital Markets Authority intervened by suspending trading of the company’s shares on the NSE to enable the investing public an opportunity to get a true picture of affairs at the auto-dealer.

The suspension of CMC shares from trading at the Nairobi Securities Exchange (NSE) is set to be extended beyond the January 26 deadline after the regulator announced that findings of an ongoing forensic audit will be released in the first week of February.

IMMIGRATION minister Otieno Kajwang’ has revoked the work permit for Bil Lay, the chief executive of listed motor company CMC. An in-house memo signed by the minister dated 20 December 2011 to the director of immigration services directed that Lay’s work permit be withdrawn until boardroom squabbles at the motor dealership were resolved.

CMC Motors Group has announced a new, far-reaching structural and cost-reduction strategy aimed at fast-tracking growth and boosting profitability in the company. The key to this strategy, announced by the largest automotive distributors in East Africa, is a renewed commitment to quality and customer service. Chief Executive William Lay said the operational changes include re-organisation of management structures and procurement policies, which will increase efficiency, optimise financial performance, and ensure compliance with local and international standards of corporate governance.

Minority shareholders of troubled motor dealer CMC want the capital markets regulator to file the forensic audit report on alleged fraudulent transactions at the company with the court.

When retired president Daniel arap Moi’s Range Rover was stolen from CMC’s industrial Area premises in 2008, the then chief executive of the motor dealing company, Martin Forster, filed a compensation claim with APA Insurance. When retired president Daniel arap Moi’s Range Rover was stolen from CMC’s industrial Area premises in 2008, the then chief executive of the motor dealing company, Martin Forster, filed a compensation claim with APA Insurance.

A judge on Wednesday cancelled an extraordinary general meeting for CMC shareholders called by the ousted chairman, Mr Peter Wambua Muthoka.

A sales agent, whose contract CMC managing director Bill Lay signed on his first day in office, was the flame that sparked the wars in the motor dealer’s boardroom. Hired in June without the knowledge of the board, the agent has received millions of shillings in inflated and back-dated commission payments that offer fresh insights into how the troubled company may be losing money to its associates.

Mr Paul Wanderi Ndung’u, Mr Joel Kamau Kibe and Mr Peter Muthoka have been at the centre of CMC boardroom battles, representing a new order taking over from the old guards When Mr Muthoka became the chair of the board in April after the long serving chairman Jeremiah Kiereini was ousted in a boardroom coup, the winds of change were sweeping over, it seemed.