04 March 2015
Spotlight on EAPCC in tyre bribery scandal 04 March 2015
Kenya: East African Portland Cement (EAPCC) has been named as one of the companies that received bribes in a tyre scandal. The Capital Markets Authority (CMA) said that it was willing to work with the government to establish the truth behind the allegations that EAPCC obtained bribes before awarding tyre contracts.
"The Authority is in the process of requesting further information from the US Securities and Exchange Commission (SEC) to help in the investigations, after which appropriate determinations will be made," said the CMA. EAPCC bosses who headed the organisation in 2007 - 2011 will explain how the alleged bribery happened.
The scandal came to light recently after Goodyear Tyre and Rubber Company, which owned Treadsetters Tyres Ltd in Kenya, was ordered by the SEC to pay US$10.7m to the US Treasury after it was found liable for bribing public officials and private company bosses. According to documents from the SEC, the bribes paid by Goodyear amounted to more than US$1.5m in Kenya, while another US$1.6m was paid in exchange for contracts in Angola.
The report implicated unnamed employees from EAPCC, Telkom Kenya, Armed Forces Canteen Organisation, Kenya Ports Authority, Nzoia Sugar Company, the Kenya Air Force, Ministry of Roads and Ministry of State for Defence.
Martin Marietta reports 59% higher net sales in 2014 04 March 2015
US: Martin Marietta has reported consolidated net sales of US$780m in 2014, compared to US$491m in 2013, a year-on-year increase of 59%. Its cement business net sales were US$100m, earnings from operations were US$22.5m and earnings before interest, taxes, depreciation and amortisation (EBITDA) were US$37.7m.
"2014 was a transformational year for Martin Marietta and we are proud of the results we delivered, including a 77% year-on-year increase in fourth quarter 2014 net earnings," said Ward Nye, chairman, president and CEO of Martin Marietta. "Employment growth in the US, a stimulus for construction activity, is at its highest rate since 2006. Texas leads the nation in job growth, with widespread gains across many industry sectors, including trade, professional business services, leisure and hospitality, education and health services."