Sharp Daily
No Result
View All Result
Wednesday, October 8, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Broke KBC Unable To Meet Its Financial Obligations

Editor SharpDaily by Editor SharpDaily
May 3, 2022
in Investments, News
Reading Time: 2 mins read
kbc

KBC. [Photo/ Courtesy]

Broke Kenya Broadcasting Corporation (KBC) is now unable to meet its financial obligations, including statutory deductions.

In the latest revelations, it has emerged that the state broadcaster has failed to remit Ksh984.3 million in employee retirement benefits.

This is according to a report filed by Auditor General Nancy Gathungu for the year ended June 2020, which revealed that the broadcaster in knee-deep into financial crisis and is struggling to stay afloat.

Read: KRA: How Keroche Accumulated Billions In Unpaid Taxes

RELATEDPOSTS

KBC

Govt agencies ordered to exclusively air adverts on KBC

March 8, 2024
KBC

Lawyer Seeks Kshs 800M Pay From KBC

November 21, 2022

“Management attributed the delay to remit the deduction to its inability to settle its obligations as and when they fall due,” reads the report.

“The corporation is exposed to the risk of incurring penalties and interest with the continued delay in remittance of the deductions.”

KBC has also been unable to honour other statutory deductions amounting to Ksh464.6 million, cooperative liabilities of Ksh28.3 million and Kenya Revenue Authority (KRA) dues of Ksh712.3 million.

“The statement of financial position reflects trade and other payables balance of Ksh2.6 billion…Included in the balances are statutory and other deductions of Ksh2.2 billion,” said Ms Gathungu.

Read: Metropolitan Sacco Records Ksh9.3 Billion In Bad Loans

In 2019, it emerged that KBC had not cleared Ksh982 million in salaries and pensions owed to staff and retirees.

“Retirees have not been paid over the past year. Five saccos are owed about Sh50 million while various banks are demanding Sh10 million from the State broadcaster,” said Communication Workers Union (Cowu) General-Secretary Benson Okwaro.

KBC joins the Postal Corporation of Kenya (PCK), which was recently flagged for failing to remit employee and taxman dues amounting to Ksh1.8 billion.

Read: KCB’s Profit After Tax Hits Ksh34.2B In Full Year 2021

Previous Post

Dirty Cash: MozzartBet Fights To Retain Ksh300 Million

Next Post

7 Million NHIF Members Risk Losing Cover Over Huduma Namba

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Investments

Equities, Bonds, or Fixed Deposits?

October 7, 2025
Investments

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025
Analysis

Kenya Pipeline Company IPO

October 3, 2025
News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
Investments

Post-September review: What CMMF did and what’s next

September 26, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025

LATEST STORIES

The economic and environmental gains of Kenya’s LPG shift

October 8, 2025

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024