GAZETTE NOTICE NO. 5328

NOTICE is given to the general public and our suppliers that fake Local Purchase Orders purportedly issued by Homegrown (Kenya) Limited are in circulation. The Company has an established procurement procedure in place. If for any reason you are in doubt, contact the undersigned on P.O. Box 10222-00400, Nairobi, telephone No. 8221507822060/0722200439/0722204833, fax: 827095/827096, email puh e. nbodepot@f-h.biz The company therefore wishes to forewarn the general public and , suppliers that it will not take any responsibility for any loss incurred arising from acceptance of orders and supply of goods or services against any fake Local Purchase Orders or counterfeit cheques. Dated the 14th October, 2008. AYOOB KHAN, Procurement Manager. GAZE I E NOTICE No. 10074 APM GLOBAL LOGISTICS KENYA LIMITED DISPOSAL OF UNCOLLECTED GOODS NOTICE is issued pursuant to the provisions of the of Uncollected Goods Act (Cap. 38) of the laws of Kenya, to the owners of the following motor vehicles— Landmark station wagon, chassis No. BQ102ORY2A (4x2); Admiral double cab pick-Lip, chassis No. BQ6473RG (4x2); to take delivery of the said motor vehicles from the premises of APM Global Logistics Kenya Limited, situate at Kamsons House, along Mombasa Road, Nairobi, within thirty (30) days from the date of publication of this notice, upon payment of carriage, storage charges, and any incidental charges, plus cost of publishing this notice, failure to which the said motor vehicles will be disposed off either by public auction or private treaty without any, further reference to the owners in order to defray the carriage, storage and any other related charges in accordance with the Act. Dated the 17th October, 2008. BARAZA SOITA CHAIMNIZA & SAENDE, Advocates for APM Global Logistics Kenya Limited. GAZE I I h NOTICE No. 10075 JEEP CONCERN DISPOSAL OF UNCOLLECTED GOODS NOTICE is given under the provisions of the Disposal of Uncollected Goods Act (Cap. 38) of the laws of Kenya from Messrs. Jeep Concern, of P.O. Box 21483-00100, Nairobi, to Messrs. Baron Construction Limited and Raj Dhanjal or any other interested party who bought the motor vehicle reg. No. KAK 054K Jeep Cherokee that the same shall be sold by public auction after the expiry of thirty (30) days from the date of publication of item without further reference to yourselves unless the repair and storage charges amounting to KSh. 226,760 is fully settled. This notice is further to the notice given on the 30th August, 2008. Dated the 13th October, 2008. OCHIENG OMOLLO, Advocates for Jeep Concern. The directors submit their reporetogether with the audited financial statements for the year.ended 30 June 200% whickshowsthe the Bank. 1. INCORPORATION The Bank is incorporated under the Central Bank of Kenya Act Cap. 491(the Act). PRINCIPAL ACTIVITIES of affairs of 3. FINANCIAL PERFORMANCE 3.1 Fhlancial Results 24th October, 20 - THE KENYA GAZETTE 2717 GAzErrE NOME N.O. 10076 CENTRAL BANK KENYA . ANNUAL REPORT AND FINANCIAL STATEMENTS 30TH JUNE 2008 DIRECTORS . Prof. Njuguna Ndungu Mrs. Jacinta W. Mwatela Mr. Joseph K. Kinyua Mr. Joseph K. Waiguru Dr, William 0. Ogara Mr. Nicholas A. Nesbitt Ms. Agnes Wanjiru Ms. Wanza Kioko SENIOR MANAGEMENT Prof. Njuguna Ndungu Mrs. Jacinta W. Iiiiwatela Mr. Kennedy K. Abuga Mr. John M. Gikonyo Mr. Aggrey J. K. Bat Mr. Jones M. Nzotrio Ms. Rose Detho Ms. Elizabeth C. A. Omolo Prof. Kinandu Muragu Mr, William Nyagaka Mr. Nicholas M.Kiritu Mr. Nicholas N. B. T. Korir Mr. Daniel M. Chege Mr. Gerald Nyitoma Mr. Jackson M. Kitili Mr. Charles Maranga REGISTERED OFFICE Central Bank of Kenya Building Haile Selassie Avenue P.O. Box 60000-0000 Nairobi, Kenya BRANCHES Mombasa -Central Bank of Kenya Building. Nkrumah Road P.Q. Box 86372-80100 Mombasa, Kenya Eldoret Kiptagich House Uganda Road P.O. Box 2710-30100 Eldoret; Kenya. AUDITORS Ernst & Young Kenya-ReJowerS, Upper Hill Off Rosati Road P.O. Box 44286-00100 Nairobi, Kenya Governor and Chairman Deputy Governor and Deputy:Chairman Permanent Secretary-Treasury, Member Member Member Member Member Member Governor Deputy Governor Director—Governors office and Board Secretary-appointed on 7th Apri1,2008 Director—Governors office and Board Secretary-Rethed on 1st April, 2008; birector—rmance, Resource Planning and Strategy Management Director—Human Resources and Serrices Departfrient Director—Banking Supervision Department Executive Director--Kenya School of Monetary Studies-Retired on 30th June. 2008 Executive Director—Kenya School of Monetary Stitdies -"appointed on 30th June. 2008 Director-linternal Audit and Risk Management- appointed on 17th April, 2008 - Director—Internal Audit and Risk Management- Retired on 30th November 2007. Director—Research Departinent Director—Currency Operations and Branch Administration Director—Banking Department Director—Monetary Operations and Debt Management Director—Human Resources (Performance Managemen System)-Retired on 30tItjune, 2008 - Kisumu Central Bank of Kenya Building Joni° KenyanitHighway P.O. Box 4-40100 Kisumu, Kenya Kenya School of Monetary Studies Thika Road P.O. Box 65041-00200 Nairobi, Kenya LAWYERS Ontro and Co. Advocates ACK Garden House 1st Ngong Avenue P.O. Box 51236-00200 Nairobi. Kenya The Bank is established and administered under the Act with the principal object of formulating and implementing monetary policy directed to achieving and maintaining stability in the general level of prices. It is also the responsibility of the Bank to foster the liquidity, solvency and proper functioning of astable market-based financial system. The Bank acts as banker, advisor and fiscal agent of the Government of Kenya. The results for the year set out on page 10 show that the Bank recorded,a- profit of KSh. 8,995 million against a loss of KSh.386 million in the previous year. This substantial improvement from the previOus year is attributable mainly to :a substantial ;eduction in foreign exchange _ translation losses which dropped to KSh. 13 billion in the year from KSh.-9S billion in the , previous year , Contributing to this performance - also arc foreign intenese earnings which, was KM, 1.991 milliOn (24%) higher than the previous year due to higher levels of foreign cuntncy reserves available for it/westing in the year at interest rates that were aiso higher than the previiius year. Operating expenses were also lower by KSh. 441 million (8%) mainly due to currency printing expenses which were lower by 68% owing to the shifting of planned deliveries of banknotes for 20007/2008 to year 2008/2009. There were savings also on other operating expenses such as depreciation and property maintenance as a result of delayed procurements and cancellation of scheduled maintenance works. The above positive revenue and expenditure performances were tempered by commission on sale of Govemment securities that was nearly 40% lower than the previous year due to the capping of this commission by Government to a maximum of KSh. 3.0 billion during the year under review. Monetary policy (Mop Up) expenses also went up by 69% during the year due to the need to mop up undesirable liquidity generated by economic and political activities during 2007 and part of 2008. Slight increases in staff costs and other operating expenses also impacted negatively on the profit. 3.2 Financial Position The financial position of the Bank is set out in the Balance Sheet shown on page 11. During the year, total assets of the Bank increased by KSh. 51,687 million (23%). This increase is attributed mainly to an increase of KSh. 42,608 million (24%) in balances due from international banking institutions and gold holdings (foreign currency reserves), items in the course of collection and investments in government securities amounting to KSh. 2,296 million and KSh. 8,535 million respectively. During the year, the Bank built up its foreign currency reserves by KSh. 42 billion (24%) mainly through purchases and foreign investment earnings. The increase of KSh. 8,535 million in investment in government securities represents the magnitude of discounting of these investments by the public at Central Bank compared to the previous year. On the other hand, total liabilities increased by KSh. 42,692 million (20%). This was attributed mainly to increases in deposits of commercial banks of KSh. 39,802 million (44%), IMF loans to the Bank of KSh. 3,957 million (25%) and currency in circulation of KSh. 9,951 million (11%). General Reserves Fund increased by KSh. 8,995 million (11%) being the net profit for the year. The Board of Directors has recommended the payment of a dividend of KSh. 4 billion and KSh. 3.5 billion of general reserves has been utilised to increase the paid up capital to KSh. 5 billion subsequent to the year end. 4. DIVIDEND The Board of Directors recommend payment of a dividend of KSh. 4 billion for the year ended 30 June 2008 (2007: nil). 5 DIRECTORS The directors who served during the year and up to the date of this report are listed on page 1. 6. AUDITORS • The auditors, Ernst & Young, were.appointed in 2007 in line with the Public Procurement and Disposal Act, 2005 for a period of three years. By order of the Board K. K. ABUGA Board Secretary. Dated the 25th September, 2008. STATEMENT OF DIRECTORS' RESPONSIBILITIES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE, We, the directors, certify that: I. We are responsible for the preparation of financial statements for each financial year which present a true and fair view of the state of affairs of the Bank and of its operating results for that year. We are also responsible in ensuring that the Bank keeps proper accounting records which disclose with reasonable accuracy, the financial position of the Bank. 2.We accept responsibility for the annual financial statements. which have been prepared using appropriate accounting policies supported by reasonable and prudent judgement and estimates, in accordance with International Financial Reporting Standards and in the manner required by the Central Bank of Kenya Act. 3. We are responsible for safeguarding the assets of the Bank. 4. We are responsible for establishing and maintaining systems of internal control designed to provide reasonable assurance as to the integrity and reliability of the Bank's financial reporting. 5.The directors are of the opinion that the financial statements for the year ended 30 June 2008 fairly present the financial position and operating results of the Bank. 6. Nothing has come to the attention of the directors to indicate that the Bank will not remain a going concern for at least twelve months from the date of this statement. Signed on behalf of the Board of Directors by: NJUGUNA NDUNGU WILLIAM 0. OGARA Governor Director 25th September, 2008. 25th September, 2008. The Minister for Finance appointed the four external members of the Committee through Kenya