Emo Farm shareholders are disappointed with the management of their 570-acre property in Uasin Gishu.
The property, which is near Moiben, is a part of Sirgoit Farm. It was bought through Emo Investment Limited at more than Sh500 million.
The more than 300 elderly shareholders on Tuesday demonstrated at the farm against alleged mismanagement of the company funds and the land. They accused the seven directors of turning the company into their personal property.
But the directors dismissed claims of mismanagement. They said the twigs-and-placard waving protesters had been misled by inciters.
“We have issues about the land but we will meet tomorrow (Friday) to discuss the complaints by some shareholders," director Charles Kandie told journalists.
He said that the company had 6,682 shareholders.
The Emo shareholders said the group was formed in 2006 to empower the community. They said Sh112 million was collected to buy the land from a former white settler.
The group, led by Thomas Kipkemboi and Ambrose Kiprono, said they want to be given 150 acres to divide among themselves.
The elders accused the directors of leasing the land to a private farmer, stopping the elders from cultivating the land and failing to pay dividends.
But Kandie said it was not possible to subdivide the land among more than 6,000 shareholders. The directors had suggested that part of the land be sold to raise money for a commercial building in Eldoret town that would earn the group extra income.
“This plan was discussed by members but we will still explain to them because there is nothing sinister behind the plan,” he said.
The elders further claimed that the directors had pocketed more than Sh30 million in the 13 years the land had been leased to the private farmer.
Kipkemboi accused the directors of avoiding to hold AGMs since 2006.
Kandie said, “We have nothing to hide and we will meet the aggrieved members so that we explain the position to them."
Kipkemboi claimed some of them had been receiving death threats and have reported to Moiben and Nakuru Central police stations.
They want the EACC and the DCI to investigate the "misuse" of their money.
(Edited by R.Wamochie)
