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CMC MOTORS Boardroom Wars
Lolest!
#201 Posted : Wednesday, December 21, 2011 10:33:58 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Now Kajwang revokes Lay work permit: source BD
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
VituVingiSana
#202 Posted : Wednesday, December 21, 2011 11:16:53 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
kajwang collected a little something from andy...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
FUNKY
#203 Posted : Thursday, December 22, 2011 2:29:10 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
Mr Joel Kibe wrote to kajwang:

CMC chairman Joel Kibe reacted angrily to the decision with a long letter to the minister asking him to reverse his decision. Mr Kibe has accused Mr Kajwang’ of malice in directing that Mr Lay’s work permit be revoked.

“We are advised by our lawyers that the directive you have issued is capricious, arbitrary, high-handed … and otherwise null and void in law,” Mr Kibe wrote.

Mr Kibe argues that the goings on at CMC are out of Mr Kajwang’s jurisdiction, adding that Mr Lay, who is married to a Kenyan, should have been given a hearing after living and working in the country for 17 years.
hisah
#204 Posted : Thursday, December 22, 2011 5:01:26 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
This enterprise corruption saga is really unfolding beyond expectations... Bear markets have a way of pulling stuff swept under the rugs...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
FUNKY
#205 Posted : Thursday, December 22, 2011 9:13:46 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
Bill lay's work permit has been approved again by Hon.Kajwang. CMC saga is getting deeper day by day.
youcan'tstopusnow
#206 Posted : Thursday, December 22, 2011 9:34:01 PM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
FUNKY wrote:
Bill lay's work permit has been approved again by Hon.Kajwang. CMC saga is getting deeper day by day.

Seems like the Circus is in town...
GOD BLESS YOUR LIFE
'user'
#207 Posted : Friday, December 23, 2011 9:05:17 AM
Rank: Veteran


Joined: 12/3/2010
Posts: 1,141
Location: Londokwe
VituVingiSana wrote:
If I had to choose between Lay/Ndungu/Kibe vs muthoka/kiereini/forster... I am going with LNK

yea the other group belongs to kamiti if we had a working system
2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
Gordon Gekko
#208 Posted : Friday, December 23, 2011 9:45:26 AM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
FUNKY wrote:
Bill lay's work permit has been approved again by Hon.Kajwang. CMC saga is getting deeper day by day.


Lets give Mapambano a break. He also needs some ugali for xmas.
Cde Monomotapa
#209 Posted : Friday, December 23, 2011 10:40:06 AM
Rank: Chief


Joined: 1/13/2011
Posts: 5,964
Where is Njonjo in all this mix btw. Trying to place him. Being very well connected politically, i'd attribute 'Bado Mapambano's' actions to him smile
VituVingiSana
#210 Posted : Friday, December 23, 2011 8:51:08 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
kajwang is an idiot... Ama, he had to quickly return that ugali he got for Xmas???
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Sure
#211 Posted : Tuesday, December 27, 2011 3:49:29 PM
Rank: Member


Joined: 9/9/2010
Posts: 546
Location: Garissa
VituVingiSana wrote:
kajwang is an idiot... Ama, he had to quickly return that ugali he got for Xmas???


Kajwang is an imbecile. I wonder who or what informed his elevation to a minister leave alone an MPig. He could not handle being a lawyer due to his thieving tendencies but someone decided he could be trusted with such an important docket as the immigration portfolio. Kenyans still leave me speechless.

Does anyone one remember that CMC donated some 20 million to the ODM kitty prior to the 2007 elections? Who authorised the donation and why was it hidden as an expense in the CMC books? I suspect payback time strings were being pulled to lock out the whistleblower but they backfired.

We 'serious investor' know what is happening at CMC. Peter Muthoka should be behind bars not running shareholders companies which demand unbridled trust on directors.
Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
VituVingiSana
#212 Posted : Tuesday, December 27, 2011 4:06:32 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
Sure wrote:
VituVingiSana wrote:
kajwang is an idiot... Ama, he had to quickly return that ugali he got for Xmas???


Kajwang is an imbecile. I wonder who or what informed his elevation to a minister leave alone an MPig. He could not handle being a lawyer due to his thieving tendencies but someone decided he could be trusted with such an important docket as the immigration portfolio. Kenyans still leave me speechless.

Does anyone one remember that CMC donated some 20 million to the ODM kitty prior to the 2007 elections? Who authorised the donation and why was it hidden as an expense in the CMC books? I suspect payback time strings were being pulled to lock out the whistleblower but they backfired.

We 'serious investor' know what is happening at CMC. Peter Muthoka should be behind bars not running shareholders companies which demand unbridled trust on directors.
In Kenya, many MPigs are elected by equally stupid voters...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
youcan'tstopusnow
#213 Posted : Tuesday, December 27, 2011 9:02:21 PM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Sure wrote:
VituVingiSana wrote:
kajwang is an idiot... Ama, he had to quickly return that ugali he got for Xmas???


Kajwang is an imbecile. I wonder who or what informed his elevation to a minister leave alone an MPig. He could not handle being a lawyer due to his thieving tendencies but someone decided he could be trusted with such an important docket as the immigration portfolio. Kenyans still leave me speechless.

Does anyone one remember that CMC donated some 20 million to the ODM kitty prior to the 2007 elections? Who authorised the donation and why was it hidden as an expense in the CMC books? I suspect payback time strings were being pulled to lock out the whistleblower but they backfired.

We 'serious investor' know what is happening at CMC. Peter Muthoka should be behind bars not running shareholders companies which demand unbridled trust on directors.

What do you have to say about the issue of Pewin Motors?

"Mr Lay has also come under the spotlight for paying millions of shillings in inflated invoices to Pewin Motors, a firm he hired on his first day at CMC to handle sales as an outsourced agent."

No one is whiter than white. No pun intended

They should both have been sent packing
GOD BLESS YOUR LIFE
FUNKY
#214 Posted : Thursday, January 26, 2012 10:56:07 AM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
CMC shares suspended for a further 21 days.
FUNKY
#215 Posted : Friday, January 27, 2012 8:05:10 AM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
Sure
#216 Posted : Friday, January 27, 2012 9:19:26 AM
Rank: Member


Joined: 9/9/2010
Posts: 546
Location: Garissa
Sure wrote:
VituVingiSana wrote:
kajwang is an idiot... Ama, he had to quickly return that ugali he got for Xmas???


Kajwang is an imbecile. I wonder who or what informed his elevation to a minister leave alone an MPig. He could not handle being a lawyer due to his thieving tendencies but someone decided he could be trusted with such an important docket as the immigration portfolio. Kenyans still leave me speechless.

Does anyone one remember that CMC donated some 20 million to the ODM kitty prior to the 2007 elections? Who authorised the donation and why was it hidden as an expense in the CMC books? I suspect payback time strings were being pulled to lock out the whistleblower but they backfired.

We 'serious investor' know what is happening at CMC. Peter Muthoka should be behind bars not running shareholders companies which demand unbridled trust on directors.



Motor dealer CMC Holdings lost more than Sh1.1 billion in inflated charges paid over five years to a transport and logistics firm owned by CMC board member and former chairman Peter Muthoka, a forensic audit by PricewaterhouseCoopers (PwC) has found.

Muthoka now should be put behind bars by CMC for misusing his position in the board. Those who worked in cahoots with him should also be locked out of ever managing a business in sub-sahara Africa.

Best way forward, CMC should recover the 24% shares of CMC owned by Muthoka and revert them to the company which should then sell the same to the public to recover the 1.1 billion. Simple and straight forward. Let it be a reason for thiefing directors.

Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
vinii
#217 Posted : Friday, January 27, 2012 3:54:49 PM
Rank: Elder


Joined: 10/14/2009
Posts: 2,057
..now Muthoka says that the PWC audit was not sanctioned by the board and is therefore not admissible..with the kind of resources that this dude has, expect this to be a drawn out war - shareholders will suffer here..

,....but again with the revamped judiciary maybe their is hope that justice will come swiftly and the Andy guy may find himself doing time sooner than later..
If you are an eagle don't hang around with chickens; chickens don't fly....
GGK
#218 Posted : Friday, January 27, 2012 6:17:32 PM
Rank: Member


Joined: 11/21/2006
Posts: 608
Location: Ruiru
I thought "Private Sector" was immune to corrupt practices?

This is very sickening...criminal charges should be started against these fellas. Imagine a Wanjiku like me with my kidogo shares waiting for dividends ... kumbe Muthoka is siphoning everything. this is clearly a case of unjust enrichment.
"..I am because we are. "― Ubuntu, Umtu,
Jamani
#219 Posted : Saturday, January 28, 2012 6:32:34 PM
Rank: Elder


Joined: 9/12/2006
Posts: 1,554
@GGK most enrichment in Kenya is unjust..... its just that other cases haven't surfaced.
FUNKY
#220 Posted : Monday, January 30, 2012 8:14:11 AM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
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