Trouble Brewing In Paradise? The Haco Tiger Brands Ethical Dilemma

Tiger Brands CEO Peter Matlare came out to throw top executives of Haco Tiger Brands under the bus over accounting irregularities that resulted in a dip in the overall profits as per the financial results released last week.

Mr. Geoffrey Kiarie, the former Haco Tiger Brands Managing Director, among other executives, have been accused of adjusting profits for the half year period ending March 2015 which led to overstating overall earnings.

Haco Tiger Brands Chairman Mr. Chris Kirubi came out & condemned the top executives identified to be behind the financial irregularities.

During their press conference on Thursday, Chris Kirubi & Mr. Matlare stood strong beside each other & proclaimed Haco Tiger Brands is still strong despite the setbacks.

Mr. Matlare also came forward to confirm that the company didn't undergo any losses rather, just  suffered a dip in the overall profits once the numbers were re-adjusted. He also re-affirmed that no one in Haco Tiger Brands, even the ones accused of the irregularities, took/stole money not due to them & put in their back pockets.

The Institute of Certified Public Accountants of Kenya (ICPAK) has since opened an investigation into the fraud allegations on the former Haco Tiger Brands MD as well as PwC which served as Haco's external auditors.




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