The accusing fingers are pointed to the management of the company, roundly criticized for three years.
The Cotton Development Company (SODECOTON) is on free fall. Nothing works in this company since the departure of Iya Mohammed from the management body since May 25, 2013. And causes being that the accounts are in the red zone.
According to Le Messager published on Monday, June 13, 2016, the alert is given by Yannick Morillon, CEO of Geocoton group which is among the major shareholders of SODECOTON. In a correspondence dated 21 April, the French boss calls on Jean Abate Edi’i, the Chairman of Board of Directors of the company based in Garoua. “We received an email dated 19 April 2016, the 2015 financial status of the SODECOTON which shows a loss of 18.8 billion CFA francs. The magnitude of this loss, which brings equity largely below the threshold of 50% of capital, involves the survival of the company in the very near future and leads to a profound questioning of the management of the company ” we read in the newspaper.
Just to say the SODECOTON runs to a scheduled bankruptcy. “The management of SODECOTON is unable to implement corrective measures to rectify the situation, since we see instead is a continual degradation of the results“, says Yannick Morillon.
And to try to get the company to this crisis, which is increasing every day a little more, the CEO of Géocoton held “to request the holding of a board meeting with an extraordinary agenda to review the management of SODECOTON and evaluation of the ability of management of the company to fully assume its responsibilities. “.