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    KEMRI Staff Demand Answers on Misappropriation of Ksh 2.2 Billion in a Letter to DP Gachagua

    KEMRI Staff Demand Answers on Misappropriation of Ksh 2.2 Billion in a Letter to DP Gachagua

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    Why Fridah Kamuyu’s Body Laid Unidentified in the Morgue for 10 Days

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    DP Gachagua Orders Crackdown on 24hr Clubs in Mt Kenya

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    KEMRI Staff Demand Answers on Misappropriation of Ksh 2.2 Billion in a Letter to DP Gachagua

    KEMRI Staff Demand Answers on Misappropriation of Ksh 2.2 Billion in a Letter to DP Gachagua

    Blogger Alai Slams Gachagua over ‘Relief Food’ Offer to Magoha Mourners

    Blogger Alai Slams Gachagua over ‘Relief Food’ Offer to Magoha Mourners

    Why Fridah Kamuyu’s Body Laid Unidentified in the Morgue for 10 Days

    Why Fridah Kamuyu’s Body Laid Unidentified in the Morgue for 10 Days

    Sakaja on the Spot as Goons Attack Umoja One MCA

    Sakaja on the Spot as Goons Attack Umoja One MCA

    The Truth About Magoha’s Alleged Viral Photos Days Before His Death

    The Truth About Magoha’s Alleged Viral Photos Days Before His Death

    Rachel Ruto Launches Ksh 1.7bn Grant for Youth, Women

    Rachel Ruto Launches Ksh 1.7bn Grant for Youth, Women

    DP Gachagua Orders Crackdown on 24hr Clubs in Mt Kenya

    DP Gachagua Orders Crackdown on 24hr Clubs in Mt Kenya

    Safaricom’s Position on KRA’s Decision to Self-Monitor Kenyans’ Transactions

    Safaricom’s Position on KRA’s Decision to Self-Monitor Kenyans’ Transactions

    TSC CEO Nancy Macharia and Bishop Crowley Shenanigans at St Josephs Boys Kitale

  • Business
    Teachers Working in Boni Forest Airlifted to Schools

    Teachers Working in Boni Forest Airlifted to Schools

    Big Win for Centum Real Estate and Vipingo Development Ltd

    Joe Mucheru Lands a New Job with South African Firm

    Joe Mucheru Lands a New Job with South African Firm

    Banks Stopped From Asking Clients Source of Cash Deposits

    Banks Stopped From Asking Clients Source of Cash Deposits

    Former Workers Want Ruto To Kick Out Sarrai Group From Mumias

    Kisumu County Sues Father John Pesa

    Harlequins morale boosted by Minet Kenya

    Minet Kenya partners with Kenya Harlequins

    How Co-op Bank’s Financial Solutions Has Led To Growth Of MSMEs

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    Charlene Ruto’s Request to Kenyan Youth as she Turns 30

    Charlene Ruto’s Request to Kenyan Youth as she Turns 30

    Betty Kyallo Sets the Record Straight on Alleged Sextape

    Betty Kyallo Sets the Record Straight on Alleged Sextape

    Fena Gitu Clarifies Relationship with Michelle Ntalami

    Fena Gitu Clarifies Relationship with Michelle Ntalami

    Michelle Ntalami Hits Back at Mike Sonko over Her Alleged Affair with Edwin Chiloba

    Michelle Ntalami Hits Back at Mike Sonko over Her Alleged Affair with Edwin Chiloba

    Vera Sidika Expecting Baby No. 2

    Vera Sidika Expecting Baby No. 2

    I Need Spiritual Support to Quit Alcohol

    I Need Spiritual Support to Quit Alcohol

    Zuchu: The Pain of Having an Absentee Dad

    Zuchu: The Pain of Having an Absentee Dad

    MCA Tricky, Andrew Kibe in Heated Spat over Jamhuri Day Gig

    MCA Tricky, Andrew Kibe in Heated Spat over Jamhuri Day Gig

    Cebbie Nyasego, Sister Akothee End Beef

    Cebbie Nyasego, Sister Akothee End Beef

  • Lifestyle

    Widow worries after sister-in-laws come after her son and inheritance

    Charlene Ruto told to shut her irrelevant mouth – VIDEO

    Jimna Mbaru taken to Court

    Minet Kenya partners with Murang’a county for Free Cancer Screening

    Minet Kenya partners with Murang’a county for Free Cancer Screening

    Kenyatta National Hospital negligence kills a minor

    Kenyatta National Hospital negligence kills a minor

    Minet Kenya and what you need to know about Junior Cover

    Minet Kenya and what you need to know about Junior Cover

    Ageing Pastor opens up her legs for the Public

    Ageing Pastor opens up her legs for the Public

    How Minet Kenya partnership implemented M-TIBA

    How Minet Kenya partnership implemented M-TIBA

    EPRA chokes Kenyans on the 2nd Day of Dr Ruto’s Reign

    EPRA chokes Kenyans on the 2nd Day of Dr Ruto’s Reign

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    KEMSA thief Sabina Chege joins Ruto; uses church to sanitize name

    Is Azimio planning to storm US embassy with whistle-blower’s dossier?

    Gachagua turns ‘Sakaja Stress’ on singer Ben Githae

    MCA Mohamed Dabar’s Unusual Behaviour Causes Commotion In Nairobi County Assembly

    Slay King Joho Using Proxies To Mend Fences With Ruto

    Why Kenya Kwanza is poaching Natembeya from Azimio

    EU: Chebukati managed 100% score in August 9 polls

    Is Raila trying to beat Azimio affiliates in joining Ruto’s government?

    Aladwa shifting upcountry to avoid face off with Sakaja

  • Sports

    Harlequins morale boosted by Minet Kenya

    Nick Mwendwa: CS Namwamba blowing my phone for hand outs

    Pilot Who Rescued Boy From Tsavo Loses Kin

    Pilot Who Rescued Boy From Tsavo Loses Kin

    Six Cleared in Race to Replace Murkomen

    Six Cleared in Race to Replace Murkomen

    Evra celebrates Suarez’s tearful exit from World Cup

    Riots in Brussels after Morocco beat Belgium at World Cup

    Kenya’s First Olympic Medallist Dies

    Kenya’s First Olympic Medallist Dies

    Big Blow to Gor Mahia FC

    Big Blow to Gor Mahia FC

    Centum Real Estate organizes Chris Kirubi Sports Day

    Centum Real Estate organizes Chris Kirubi Sports Day

  • Tech

    KenGen to Acquire more Electric Vehicles

    Details of President Ruto Visit to DRC

    Details of President Ruto Visit to DRC

    NTSA Approves Four Companies To Operate As  Transport Network Companies In Kenya

    NTSA Approves Four Companies To Operate As  Transport Network Companies In Kenya

    5G Coverage: Why Centum’s Two Rivers Mall Is Ideal For Your Office Set Up

    Centum Bridging The Youth Unemployment Gap

    Centum Bridging The Youth Unemployment Gap

    Azimio Senator Edwin Sifuna joins President Ruto

    Azimio Senator Edwin Sifuna joins President Ruto

    About Co-operative Bank ‘Mco-op’ Cash App

    BlackBerry to terminate service on old devices at midnight

    BlackBerry to terminate service on old devices at midnight

    KenGen to inject more Megawatts into National Grid

  • World
    Food Blogger Jailed for Eating a Bat

    Food Blogger Jailed for Eating a Bat

    Fact Check: Truth about China’s “artificial sun”

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Prime Minister Hamdok resigns

    Prime Minister Hamdok resigns

    Reactions as Archbishop Desmond Tutu bows

    Reactions as Archbishop Desmond Tutu bows

    Heart breaking Photos as Rai Kills 208 People

    Heart breaking Photos as Rai Kills 208 People

    4 Lecturers in trouble after a leaked Sextape

    4 Lecturers in trouble after a leaked Sextape

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    Bomb kills a Pregnant Journalist in the Coast

    Malala marries the Nobel Price Winner

    Malala marries the Nobel Price Winner

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Standard Media Group on The Verge of Going Under

Kenyan Bulletin by Kenyan Bulletin
September 21, 2022
in News
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Standard Media Group on The Verge of Going Under
Orlando Lyomu, CEO Standard Group

By Correspondent.

The Moi family-owned Standard media Group is on the verge of going under after it emerged that employees have not been paid their August salaries.

Senior staff who include editors, accountants, managers and reporters are yet to be paid August dues even as it emerges that correspondents have not been paid for four months now.

READ ALSO

KEMRI Staff Demand Answers on Misappropriation of Ksh 2.2 Billion in a Letter to DP Gachagua

Blogger Alai Slams Gachagua over ‘Relief Food’ Offer to Magoha Mourners

Sources indicate that SG had not remitted Pay As You Earn (PAYE) to KRA for the last five years, amounting to around Sh600 million.

This is in spite of the Standard Group deducting the same religiously from its employees.

Other than PAYE, other statutory deductions that are not remitted include pension, NSSF and SACCO contributions amounting to Standard SACCO and Network SACCO where the majority of employees are.

Many of SG’s former employees who were either fired or retired have not been able to access their pension from the Liaison Group that administers the fund due to non-remittance.

Last week, the banks cancelled existing overdraft facilities, which now starves SG of cash liquidity to cater for services such as fueling cars, insurance premiums and logistics operations.

And by yesterday, a senior manager from Finance told us that NCBA Bank has written notice to the CEO Orlando Lyomu informing him of the decision to refer SG to the CRB for dishonouring pledge to service a Sh400 loan taken to finance the Convergence project which insiders insist has by all means flopped.

To illustrate Standard Group’s mountain of debt, NAS services, which offers catering services to staff at subsidised rates, threatened to close down a fortnight ago.

The company has had to discontinue maintenance of critical services like SAP in the Finance department, PPI for editorial and advertising and Microsoft over a debt estimated at around Sh300 million.

“The main satellite provider for the TV services has threatened to shut down on September 5 during the Supreme Court ruling.

It took the intervention of managers to explain to the Canadian firm the security implications of such a move of taking KTN and KTN News and its sister radio stations off the air at such a critical time,” said another source from the Technical department privy to the happenings.

If this happens, staff wonder if majority shareholder Gideon Moi and his family have turned a deaf ear to pleas from demotivated employees.

They know that Gideon, having lost his Baringo seat, may turn his focus on rescue efforts if the country’s oldest media house is to survive the Cannibalism sparked by unchecked expansion and misplaced priorities.

Another insider measured the current situation as “Being in the Standard Group now is similar to being in the Titanic Ship that hit an icebag in the Atlantic. The company is basically insolvent and will only require a neurosurgeon kind of operation to wake up the patient who is suffering from brain death.”

According to another insider, SG is suffering from weak corporate governance at the Board level.

The board has remained silent as the SG has recorded losses for the last three years and this year is likely to hit Sh1 billion loss.

“Where has the Board been when the situation deteriorated from worse to worst? Who is sleeping on their job?” the insider asks.

There has been talk that statutory deductions and an advance payment of Sh100 million was spent on paying July salaries and now management is at a loss of explaining how they spent the cash in order to access more funds.

Meanwhile, the business is bleeding to death.

Amidst all these, CEO Lyomu has been globe-trotting.

In the last three months, he has been to Seychelles, Mauritius, Zimbabwe, and South Africa.

He returned from a trip to the Netherlands last week and he is off to China next week.

“It is insensitive and immoral that he is doing this at the expense of the company, yet employees have not been paid. He doesn’t care anymore. He is there to enjoy himself while it lasts even as he knows that SG is headed for a deadly crash.” a staffer lamented.

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