Hii story ya Chase Bank imeniuma of how they toyed with depositors money to give themselves unsecured loans in Billions league. Most businesses are built on OPM including mine and I would never dream of doing something as shady and stupid as playing around with their money. Everything begins with a noble idea that you sell first to your friends to give you seed capital to start off, explain the risks vs rewards and let them make an informed decision. I have a problem with guys who sugar coat their businesses when pitching for an investment especially when you can see right through the BS or when things are not well thought through. Chase started showing problems sometime last year, how does a director live with himself knowing very well they are turning a bank into some sort of ponzi and later tell your investors fuck off because they were sugar coating their business instead of fixing it and were they in bed with Deloitte?
Moral of the story when dealing with OPM be honest and have integrity, even if things don’t work out people will remember you for that and that cannot be bought
That’s the narrative in our Kenya.
Bernie Maddoff, of former Enron, is cooling his heels in jail. Assets seized. He may never see the light of day.
All this in saying. Where were the regulators? In Kenya there are no consequences for high crimes and misdemeanors. Crime pays handsomely with no consequences. And when they haul you to court for trial all you have to do is feign illness, be admitted at Nairobi or Karen hospital and drag out the process for eternity until it is forgotten. Until the next scandal. We accept and move on. That should be our motto in 254.
That is the sad truth about corporate level crime, is it tht they forget their beginings and that it is trust that made them grow to what they are because at SME level trust is your only currency
That was what CIC was complaining about in his SOTN address, judiciary is letting the country down
Should we start a deadpool to bet on which bank will be closed next? @Okiya saidia na list of top 8 banks to be placed under receivership in the next 12 months.
What we need to ask ourselves now, what are the consequences? What will happen to the mwananchi’s buying power?
Will land become cheaper?
Fortunately,it will hurt everyone indiscriminately. maybe a proper reason for the middle and low class citizens to finally unite as Kenyans.
Complaining? Judiciary? Last I checked he is the PRESIDENT OF THE REPUBLIC OF KENYA. That is the highest office in the land.
Now, if you think Uhuru has any interest in fighting the rot that is Kenya, and in Kenya, you’re deluded. That’s why he passes the buck.
The Kenyattas, amongst many other prominent families, are the biggest beneficiaries of the rot in our current system. Why would they want to overhaul it? o_O
Trade Bank went under with Kenyan’s money under unclear circumstances (read corruption from Moi’s govt). Here is the catch, to open an account one required an ID and a passport size photo unlike in those other banks ( Barclays, Stanchart), where one was required to produce letters of introduction, payslips among other documents.
The owner of the bank was Al-noor Kassam. After the collapse of the bank he ran away.
He left the country,as a fugitive. He went to canada.
I foresee same happening to some of the banks.
I don’t know. All I know is my money is very safe with stanchart
If you were CIC , what would you differntly ?
Hii mambo sijui mnatoa wapi, the shareholders are the lot who will loose. Customers will get their deposits. Hata dubai bank there was some billions wenyewe hawakutokea juu wa maswali mob.
who is fooling who?
they work on our greed
customers will only get 100k and below. compare that with someone who has a million and above in savings.
What we need in Kenya is a “new breed” of leadership. Not the Kenyattas, Odingas, Mois, Rutos et al.
Someone totally outside the current old faces and political class. A Kagame kind of fella that can knock some sense into folks. Might seem utopian, don’t think it will happen in our generation or lifetime. But it will happen. One day. Hopefully.
The rot has become so engrained and a part of our social fabric. In 2002 we had the perfect opportunity to change the trajectory of our beautiful country. Kibaki squandered it. Kenyans in the foreseeable future, will never be that united in a common cause as they were then. We are now more divided than ever.
Ngojea 2017. The divide you will see on this forum and other social media platforms will be unimaginable.
In the same breath what happened to Transcentury after Gachau resigned NB He was the son to one of the board members, must have had a really unpleasant time exlaining to the others what his son had led them to. When is their loan due and any measures they have taken @Okiya et al
maddof was not at enron. His was a ponzi scheme. Enron was an energy corporation.
With the uncertainty, best option is to spread your money, bank it in smaller chunks in different institutions to mitigate that risk of losing it. Hiyo tu.
Was due in March. Wameongezewa 6 months I think
One of the basic underlying tenets in the Constitution of Kenya 2010 separation of powers. More than ever, the composition of the institutions of public powers in Kenya [judiciary, executive, legislature and constitutional commissions], their powers and the limits of their jurisdiction are, by and large, well defined.
The President, with all his force dares not cross the legal threshold … So be it – unless he has justification by law.
I also think that the question as to whether the Presidency is the highest office in Kenya is still open to debate - what with all the constitutional restraints.
Receivership means in due time based on liquidity kila mtu atapata chake mblo. Banks are not like ponzi schemes or hedge funds. Read widely.