Kenyan Postal corporation's debts worth 30m dollars

Postal Corporation of Kenya (PCK) is indebted to the tune of 2.3bn shillings [30m dollars], Postmaster General Francis Chahonyo has said.

He said a large proportion of the debt was inherited from its predecessor Kenya Posts and Telecommunication Corporation (KPTC) including 909m shillings [12m dollars] in pension funds.

Chahonyo said the corporation has further incurred an estimated 1.4bn shillings [18m dollars] debt in foreign mail administration.

He said PCK’s fixed and current assets currently valued at 4.9bn shillings [62m dollars] weighed favourably against its long-term liabilities amounting to 2.3bn shillings [29m dollars]. “Our working gap is considerably encouraging,” he said…