Auditor General Edward Ouko has said the East Africa Portland Cement Company (EAPCC) cannot pay its debts.
The companys books have deteriorated rapidly over the past one year, pushing it Sh2 billion further into insolvency.
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The groups current liabilities exceeded its current assets by Sh6 billion from Sh4.2 billion in 2017, said Ouko in an independent auditors report that accompanied the financial results.
EAPCC had to rely on stripping some of its assets to boost its figures after its losses widened.
It made Sh3.5 billion operating loss from Sh1.3 billion last year, with the Auditor General questioning whether it can still operate as a viable business.
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