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

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