Nation | by David Mwere
The country’s sole power distribution company is technically insolvent and requires a government bailout to stay afloat, according to the latest audit report.
The report by Auditor-General Nancy Gathungu for the year ending June 30, 2020, shows that Kenya Power recorded a loss before tax of Sh7.04 billion. The situation is made worse by the fact that its liabilities of Sh117.5 billion far outweigh its current assets of Sh42.63 billion by Sh74.85 billion.
“The company has reported negative working capital position for the fourth consecutive year…
