Money Markets
A Pyrethrum farm at Mau Narok, Nakuru County. PHOTO | FILE | NATION MEDIA GROUP
By FRANCIS MUREITHI
In Summary
Farmers are pushing for more time to show proof of
ownership of the revived Pyrethrum Processing Company of Kenya (PPCK).
The verification process ended a few days ago, with only 3,000 farmers
out of the expected 10,500 turning up.
The company which has been in existence for 51 years has
remained unknown to many farmers who delivered flowers to the defunct
Pyrethrum Board of Kenya that earned them a share in PPCK for every 300
kilogrammes of dry flowers delivered. The farmers are expected to elect
directors of PPCK, the body mandated with processing and marketing of
the crop, after the verification of stock certificates.
The Pyrethrum Regulatory Authority (PRA) managing
director Solomon Odera said the exercise which started on August 18 had
low turnout as thousands of farmers in the 18 pyrethrum-growing counties
did not show up.
“We know some of the farmers inherited the crop
from their relatives who may have since died and this may have caused
the slow verification process,” Mr Odera said. But in Nakuru, Samuel
Kihiu and Joseph Mukiri said the two-week window period given by PRA to
verify the documents was not enough.
“Some of the farmers lost their documents during
the post- election violence period while others have died and to trace
documents that were issued 51 years ago is not an easy task and we
request PRA to extend the deadline by at least one month,” said Mr
Kihiu.
The revamped PPCK will be a private company owned
by farmers and managed through directors elected by farmers with plans
to declare dividends at the end of the year and release financial
statements annually.
The verification of the stockholders certificates
and personal identification documents by the government is aimed at
establishing the real owners of the dormant PPCK.
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