Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi

Corporate Fraud

Letter To Blogger Cyprian Nyakundi Reveals Accounting Body ICPAK Is In Dire Financial Distress

CPA Edwin Makori, CEO of ICPAK

Dear sir,

I am a long time member of ICPAK and in Private Practice for the last 10 years.

I would like to let you know that ICPAK is in financial distress owing mainly to its past chairmen and CEO misappropriating funds for the construction of the CPA centre. The CPA centre is a modest building, however we are told to swallow that it cost 1.2 billion shillings which does not include the land it stands on.

Further because ICPAK is servicing loans (loans and payables as at 31st Dec 2018 in excess of 700 million) and having a hard time at it, it increased license and subscription fees in 2019 to Sh. 42,000/- not counting the Professional Indemnity (PI) which brings total to obtain a license to Sh. 60,000, no other professional body I know pays this huge fee.

As if this is not enough it has recommended increasing further the charges for one licensee to 53,000 which together with the PI will bring the total to over 70,000.

Is a shame the Mr. Mwatus, Nyakundis, etc past chairmen did this to a professional body, I admire lawyers who strenuously refused for an HQ to be built because they knew such projects are afflicted with cost overruns as people eat.

CPA Dr. Grace Kamau Ph.D
Chief Manager, Finance & Strategy

Kenya Medical Association HQ complex is like ICPAK faced with bank repossessions due to default of expensive loans. The main tenant at CPA centre has moved out and now the building is almost empty.

We were told that this project was to ensure that the institute would have steady alternate income to the subscriptions from the rental income and therefore there would be no subscription and fee increments.

Dear sir we know construction funds we embezzled and now we ask that this be brought to light and if possible those responsible are named and shamed.

Every attempt to discuss this at the AGM is ruthlessly brushed off and we request that you bring it to light and everyone knows the rot at ICPAK.

Yours sincerely

ICPAK Member

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


*Editor’s Note: This open letter to Safaricom has been published as received. No redactions have taken place to avoid legal issues pending a court...


This is an intervention for Victoria Rubadiri so as to help her revert back to factory settings. We notice your slow drift away into...


Caption : Edwin Kigen Who was Murdered in Madaraka Estate. We demand for answers from Boinnet ! Another young man may have been brutally assaulted and...


CAPTION: Reformed street-urchins like this lot are dominating the airwaves and being allowed to spread the disease of anti-intellectualism.  As you may have all...

Copyright © 2020 Cyprian Is Nyakundi.