The Music Copyright Society of Kenya (MCSK) is facing scrutiny after it was unable to account for 56 million Kenyan shillings (KES) in royalties collected in 2023
An independent audit conducted by Deloitte & Touche revealed that the funds were missing from the society’s financial records. The auditors expressed concerns over weak internal controls and a lack of transparency in the management of royalties.
Artists who have entrusted MCSK to collect royalties on their behalf have expressed outrage over the missing funds. They claim that the situation has left them financially vulnerable and has undermined their confidence in the organization.
Members of the Kenyan music industry have called on MCSK to provide a full account of the missing funds and to take immediate steps to address the financial irregularities. The government has also launched an investigation into the matter
MCSK has acknowledged the audit findings and has stated that it is committed to recovering the missing funds. The society has suspended some of its staff and has promised to implement measures to strengthen its financial management.
The allegations of financial mismanagement at MCSK have cast a shadow over the Kenyan music industry. Artists are concerned that it will discourage investment and growth in a sector that is already facing challenges.
The government investigation is ongoing, and it is expected that further details will emerge in the coming weeks. MCSK has promised to cooperate fully with the investigation and to take appropriate action against any individuals found responsible for wrongdoing.
The music industry is watching closely to see how the situation unfolds and whether MCSK will be able to regain the trust of artists and other stakeholders
By Newsmedia