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CMC MOTORS Boardroom Wars
Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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CMC will indeed be an interesting enterprise corruption case soon... Enron, HealthSouth etc come into the picture... I'm waiting for the confession episodes. http://www.businessdaily...238/-/l3hog/-/index.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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CMC - Choosing fights wiselySnapshot of the game as it stands for shareholders thanks to Bill Lay esq - it seems the HOW is as important as the WHAT. + Regulator CMA maintains CMC share suspension from the exchange + Auditor Deloitte withdraws its services ++ Standard Chartered Bank cuts key credit line +++ Range Rover brand owners issue stern warning to dealer Range Rover brand owners issue stern warning to dealerCMC suffers a blow as auditor quits and bank stops credit line
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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And the drama continues... Car dealer CMC Holdings failed to disclose to its shareholders that it operates a subsidiary company in South Sudan. The subsidiary was operated secretly, and the proceeds were never reflected in the company’s financial statements, according to fresh revelations contained in a forensic audit commissioned by the Capital Markets Authority (CMA). Quote:It is not clear why the capital markets regulator has refused to make the entire report public. Sweet confessions are coming  Bear markets... http://www.nation.co.ke/.../0/-/erv8k9/-/index.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 10/23/2009 Posts: 2,375
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hisah wrote:And the drama continues... Car dealer CMC Holdings failed to disclose to its shareholders that it operates a subsidiary company in South Sudan. The subsidiary was operated secretly, and the proceeds were never reflected in the company’s financial statements, according to fresh revelations contained in a forensic audit commissioned by the Capital Markets Authority (CMA). Quote:It is not clear why the capital markets regulator has refused to make the entire report public. Sweet confessions are coming Bear markets... http://www.nation.co.ke/News/CM.../0/-/erv8k9/-/index.html Surely this is criminal. It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt...
-Mark Twain
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Did Bill know about this? Should this audit be extended to paka and express? Its always said, even here in wazua, that to end corruption in government, privatisation is the way to go. Is not CMC completely private? Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Lay is not clean either. His exit from GM was hastened by a few questionable deals.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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dunkang wrote:Did Bill know about this?
Should this audit be extended to paka and express?
Its always said, even here in wazua, that to end corruption in government, privatisation is the way to go. Is not CMC completely private? Give it to Ciano or Marambii. What we need is people with unquestionable Integrity who are beyond reproach. The opposite of courage is not cowardice, it's conformity.
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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Lolest! wrote:Lay is not clean either. His exit from GM was hastened by a few questionable deals. Proof? Or give us more details... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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@VituVingiSana: Webber Wentzel, the South African audit firm: Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.
Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.http://www.businessdailyafrica....2/-/2ou78pz/-/index.htmlVituVingiSana wrote:Lolest! wrote:Lay is not clean either. His exit from GM was hastened by a few questionable deals. Proof? Or give us more details...
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Rank: New-farer Joined: 8/25/2011 Posts: 26 Location: hull
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I am glad I did not take my brokers advice, and bought C &G rather than CMC. C&G maybe smaller, but very good profitability, and solid balance sheet - in time this company will become one of Kenya's top companies.
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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muganda wrote:@VituVingiSana: Webber Wentzel, the South African audit firm: Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.
Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.http://www.businessdailyafrica....2/-/2ou78pz/-/index.htmlVituVingiSana wrote:Lolest! wrote:Lay is not clean either. His exit from GM was hastened by a few questionable deals. Proof? Or give us more details... I am confused. You said "His exit from GM was hastened by a few questionable deals" so where is the so-called scam at GM referenced? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 11/4/2008 Posts: 1,289 Location: Nairobi
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muganda wrote:@VituVingiSana: Webber Wentzel, the South African audit firm: Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.
Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.http://www.businessdailyafrica....2/-/2ou78pz/-/index.html Try selling this to anyone. Let us say this, an expectant mother goes to hospital to deliver, the baby unfortunately is still born. Do you know the peadetrician still receives their money. Imagine telling a broker that he will not earn a commission because you are making a loss on a share transaction.
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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VituVingiSana wrote:muganda wrote:@VituVingiSana: Webber Wentzel, the South African audit firm: Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.
Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.http://www.businessdailyafrica....2/-/2ou78pz/-/index.htmlVituVingiSana wrote:Lolest! wrote:Lay is not clean either. His exit from GM was hastened by a few questionable deals. Proof? Or give us more details... I am confused. You said "His exit from GM was hastened by a few questionable deals" so where is the so-called scam at GM referenced? @mugunda, am also confused.....any link/credible reference to his exit from GM with questionable deals?
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Okay CMC in the news 2 days in a row. Muthoka is out for now http://www.businessdailyafrica....46/-/rfki63/-/index.html in board room coup. Sorry @VituVingiSana @FundamentAli @Jamani for the confusion. It was @Lolest! who mentioned the issue of Lay's exit from General Motors - I don't know about that. My link only pointed out that Lay is implicated by the CMC audit report which cites irregular payments that have taken place to Perwin, sales agent he appointed on day 1. The irregular payments being separate from the other comments the audit report made as to the 'flawed' nature of the same contract.
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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muganda wrote:Okay CMC in the news 2 days in a row. Muthoka is out for now http://www.businessdailyafrica....46/-/rfki63/-/index.html in board room coup. Sorry @VituVingiSana @FundamentAli @Jamani for the confusion. It was @Lolest! who mentioned the issue of Lay's exit from General Motors - I don't know about that. My link only pointed out that Lay is implicated by the CMC audit report which cites irregular payments that have taken place to Perwin, sales agent he appointed on day 1. The irregular payments being separate from the other comments the audit report made as to the 'flawed' nature of the same contract. He looks like an aged version of Tupac The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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http://www.businessdaily...0/-/x1eq9s/-/index.html
Hmmmmmm!! Nothing great was ever achieved without enthusiasm.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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And the movie continue; http://www.businessdaily...2/-/lwlht0/-/index.html
and http://nairobitech.blogs...cmc-battle-muthoka.html
What lessons have you learnt from this CMC so far, as an investor/speculator at NSE? 1. KCB's Super profits/dividends will come to haunt shareholders! 2. ...... Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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A big shame to DELOITTE...their directors should resign immediately.
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