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The National Olympic Committee of Kenya General Assembly on Wednesday failed to adopt the 2016/2017 audited accounts, calling for more time to study the report.
Addressing the press after the daylong meeting, Nock president Paul Tergat said that members requested for 14 days to study the forensic report presented by PKF International before making their recommendations.
However, Tergat disclosed that they told their members to come up with up to six specific areas in the report that they believe have not been conclusively addressed and present them to the executive.
This is the second time the Nock General Assembly had failed to pass the accounts, calling for proper auditing. The first time was in September this year.
“There are some areas members needed interpretation after getting the report on short notice,” said Tergat. “We want them to consult with all the experts and point out their areas of concern.”
Auditing of Nock finances included the stalled construction of Sh1 billion headquarters, Nock Plaza building among other Nock properties.
Addressing the issue of the building, acting Nock Secretary General Francis Mutuku hinted that a solution had been found though it still remained a delicate issue.
Mutuku said their Building and Property Committee has tried to address the construction that has seen Nock run into over Sh800 million losses and will come up with final details in January.
“We have been facing hefty financial challenges owing to the stalled project where the debt is increasing tremendously,” said Mutuku adding that several proposals have been made including a government bailout plan.
Nock Plaza construction stalled two years ago after Sidian Bank, who had put in Sh400million discontinued financial support.
On Nock’s disputed parcel of land next Carnivore Restaurant, Mutuku said one of the two cases in court has been concluded successfully with Nock winning the matter with costs. “The second matter is still in court and Nock can’t raise funds from the sale of the land in view of the matter,” said Mutuku.
Tergat was happy that the General Assembly approved the intended structural changes at its secretariat with the creation of four positions “to professionalise operations and provide improved services to affiliates and stakeholders.”
These positions will be in finance, administration, projects and communications and the hope is to create a management team that will run Nock’s daily affairs in line with international standards.
“We are glad members want the changes effected immediately,” said Tergat.
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