Standard Group Addresses Bankruptcy Reports
On Wednesday, March 27, the Standard Group denied allegations suggesting the company was on the verge of bankruptcy and imminent closure.
According to a statement released by the Acting CEO of the Group, Joe Munene, the media company clarified that the information spreading online was promoting an inaccurate storyline.
“The Standard Group PLC wishes to inform its audiences, customers, suppliers, staff, shareholders, and all other stakeholders that information circulating on social media touching on the integrity of the Company, its Management, and Staff is fake”, read the statement.
Additionally, the media company verified that its services would remain operational without interruption across all its broadcasting platforms.
As per the statement, the cyber assaults targeting the media organization aim to obstruct them from fulfilling their journalistic responsibilities.
“These are malicious attacks, whose intention is to derail our unflinching commitment to the mission of journalism and the pursuit of the public interest,” stated Munene.
The media outlet observed that there existed an unfriendly atmosphere for media activities, resulting in delays in bill payments and overall economic challenges.
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“Further, despite the hostile business environment facing the media industry, caused largely by the problem of pending bills and a slowdown in the overall economy, we continue to transform our business to best serve our customers, explained Standard Group.
Earlier in the day, individuals on social media claimed that the media company situated along Mombasa Road was in the process of shutting down and would undergo liquidation.
In addition to the baseless assertions, members of the social media community further fabricated a counterfeit internal memo allegedly authored by the Group Managing Director.
Throughout most of Wednesday, false headlines were circulating, purportedly from local publications, along with a hashtag promoting the narrative that the organization would soon shut down.
However, the organization has encountered financial difficulties, as employees have claimed that they have gone unpaid for periods extending up to eight months.
Standard Group Addresses Bankruptcy Reports