Naushad Merali shafted Mwalimu National Sacco DFBLBH

Tycoon Naushad Merali withdrew Sh1.7 billion from Spire Bank days after selling the lender to Mwalimu National Sacco, an equivalent of a fifth of the bank’s Sh8.54 billion deposits

Mwalimu, which is owned by teachers, first acquired a 75 per cent stake in the lender for ,Sh2.4 billion which was then operating as Equatorial Commercial Bank, and was owned Mr Merali.

Last year, it acquired the remaining 25 per cent, offering it full control of the loss-making bank.

Naushad Merali has removed a lot of money from Kenya, sio hii pekee.

It’s his money. He can do whatever the fk he wants with it. I’m sure they knew Merali had $17M in the bank when buying it from him. Did they expect him to trust bonobos with that kind of money??

Merali’s deals huwa cold and calculated.
He’s the kind of guy to slit your throat and watch you die as he sips a cold tusker

Wahindi ni wezi kabisa from delphis bank to imperial bank

No rich man gets rich by giving away his money

si crime ?

Merali huwa blood cold.
His Celtel to Zain deal where he bought the preferential shares 9 AM and sold at close of the day making 1.9Billion in a day should be taught in all M&A classes.
Then that year he bought nearly all the Maize in the country, loaded it on his ships then Kenyan govt gave him tender to supply Maize.
Dude made 2K a bag easy money. Nakumbuka Maize traders being so happy before the deal. Lorry za mahindi were going to Mombasa na godowns hazijai. Na pia sugar.
He’s what brokers wish to be in their wildest of dreams

His connections in the top echelons must be outta this world then.

Merali is a close confidant wa late mzee Moi. He’s into agribusiness pia. I know that they co~own the largest tea estate in Nandi and a milk factory in Nakuru

Mwalimu executives were probably in this. Because when you purchase an asset, cash in bank is part of the buy. If he takes it out before full transfer , it’s a theft. Nobody can trust any business in Kenya. Simply such funds are placed on hold ( lawyer or bank) until new ownership takes over. Mwalimu could not have been that stupid.

Certain things tend to be fiction. Buying a property worth $230 million takes months to properly assess its value. I doubt you can buy a business for 22b in the 9am and the by 5 pm sell it for 25b. The lawyers haven’t even started transferring the assets to your name. Even just agreeing to buy, typically you have to deposit 1-5% (non refundable if you don’t follow through) for the contract to be valid. He agrees to buy at 9am, which bank will have transferred 200m on the same day.
Zain would have to see ownership certificates in Meralis name, or they would be paying for thin air. Only way such a deal would have worked is if it was done months in advance.

He was Moi’s favorite Asian front.

The Mwalimu executives must have been compromised

Was chandaria also moi’s front?

Mwalimu Sacco CEO who presided over the purchase was a former MD of ECB. When mwalimu Sacco bought the bank, Merali transferred the bank’s fixed assets including the headquarters to his insurance company a few days prior to completion of the sale transaction. Mwalimu Sacco ended up paying only for the banking license and non-performing loans

He already owned 40% of Kencell. Vivendi owned 60%. In partnership law, we have what’s called pre-emptive rights. In essence if we’re in a partnership and you want to sell your way out, you’re obligated to sell to me if I have the capacity.
So he bought out Vivendi 60% and offloaded the same shares to mzito Mo Ibrahim. That’s just the signing day. Obviously the other part of deal making happened over some weeks before that day.

Prince Johnson style

Asians had to incorporate Moi to their businesses to protect them and get away with grand corruption.

Its why I am telling you Mwalimu CEO was in the loop. When you purchase a business, arent the assets itemized? Of course Mwalimu knew the Bank had assets. Otherwise, what were they buying.