This archive report was first published on 16 June 2020.
As of October 15, 2019, the Pyrethrum Processing Company of Kenya property at Milimani Estate in Nakuru remained a contentious issue in the delayed liquidation of the Pyrethrum Board of Kenya pension scheme.
On May 2017, the liquidation matter was placed under the government official receiver's office, but three years later, the scheme beneficiaries are yet to receive their benefits.
The pensioners have written to the Attorney General's office to hasten the process and save them from further suffering. The scheme was placed under liquidation after the collapse of the pyrethrum sector, which left the company unable to pay the pensioners their monthly dues.
A valuation report compiled by Actuarial Services East Africa set the amount owed to the members at Sh1.5 billion, which has since accrued an interest of Sh500,000.
Available options for the Agriculture Food Authority (AFA) include disposing of State corporation assets worth Sh4 billion spread across 18 pyrethrum growing counties or seeking funding from the National Treasury.
However, the Treasury has maintained that it cannot fund AFA and has advised that the PBK assets held by the authority be sold.
"The National Treasury recommends the PBK staff pension scheme deficit be funded using the balance sheet (assets) of the sponsoring entity (AFA),” read a letter addressed to the Ministry of Agriculture.
