This archive report was first published on 31 October 2019.
Kenya Power and East African Portland Cement Company (EAPCC) have been granted an extension by the Capital Markets Authority (CMA) to release their financial results for the year ended June 2018.
The delay is due to the absence of a new Auditor-General, following the retirement of Edward Ouko in August 2018.
According to CMA regulations, listed firms must prepare and publish their annual and interim financial statements in at least two newspapers of national circulation within four and two months of the close of the financial year respectively.
State-owned firms such as KenGen, Kenya Power, Kenya Re, and East African Portland Cement all have to submit their books to the Auditor-General for approval before they can be made public.
President Uhuru Kenyatta appointed a six-member panel in September 2019 to select nominees for the position of Kenya's second Auditor-General, following the retirement of Edward Ouko.
Kenya Power's new CEO, Bernard Ngugi, has been at the helm since January 2019, and the company has been working to meet the CMA's deadline.
However, the delay in releasing the financial results has been attributed to the absence of a new Auditor-General, and the companies have been granted an extension until November 30, 2019.
