PANIC AS FIRM PRINTING KENYAN MONEY SHUTS DOWN.

The company, which has been operating from Ruaraka in Nairobi, on Friday made the announcement, citing poor business environment.

The move has now landed hundreds of its employees in panic, considering that they will now have to find jobs elsewhere for survival.

It has said that it will be out of business for the next 12 months, and will only be operating on order, meaning that there will be no continuous operation.

The money printing plant has been directly employing 300 employees, with 1000 other workers benefitting from its operations indirectly.

“Currently employing in the region of 300 local people, De La Rue has contributed extensively to the local economy over the last two decades through factory investment, the payment of taxes, wages and local purchases,” it says on its website.

The firm has for close to 10 years been considering leaving the Kenyan market, and has for close to a decade been saying that it is looking for other countries willing to treat it better.

It holds that it has been an important asset to the Kenyan economy and has been contributing Sh1.25 billion every year.

“The banknotes made in the facility are circulated in more than 30 countries worldwide, a tribute to the skill and dedication of the local workforce employed by De La Rue,” it further says.

The firm is also involved in a tussle with the Kenya Revenue Authority (KRA), which has been demanding Sh1.1 billion in tax a evasion claim.

The decision to halt it’s operations come only a week after the High Court ruled in favour of the taxman and ordered it to pay the money.

By Business today