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NJONJO at CMC
Rank: Veteran Joined: 12/21/2011 Posts: 1,010
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" In a letter seen by the Nation, Mr Njonjo said his decision is informed by the fact that the company has now found its footing having got rid of ‘conflicted directors suspected of engaging in fraudulent dealings’.
“I am happy that the company is now in very able hands of directors of impeccable integrity and a diligent management team, which I am confident will be able to steer it to greater heights of success,” Mr Njonjo said in the letter."Am i the only one seeing the irony or something wrong with this statement? njonjo
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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@Wilyum; enlighten us. Where is the irony? What do you find wrong?
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Rank: User Joined: 1/24/2012 Posts: 1,675 Location: In Da Hood
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hahhahah. i also found the guys statements abit funnie . LOL .but give him a break he has ashes for brain ...ehehe.
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Rank: Member Joined: 7/9/2006 Posts: 79
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@Chia, aren't you aware of the shenanigans at CMC and the role of one Mr Njonjo? He was one of the signatories of a secret account apparently operated without the knowledge of other shareholders. Integrity at CMC and Njonjo don't belong in the same sentence.
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Rank: Veteran Joined: 12/21/2011 Posts: 1,010
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@chiaroscuro go thro this. cmc
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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njonjo, kiereini... the old guard is leaving the building! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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It would be interesting if limit rules were set to 2 terms of say 4 years at director level without renewal and a maximum of 2 companies in different categories one can be a director at the same time.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Jamani wrote:It would be interesting if limit rules were set to 2 terms of say 4 years at director level without renewal and a maximum of 2 companies in different categories one can be a director at the same time. TRUE. Running a company as if it was some personal club cannot help KENYA. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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Jamani wrote:It would be interesting if limit rules were set to 2 terms of say 4 years at director level without renewal and a maximum of 2 companies in different categories one can be a director at the same time. KCB changed the rules (I think) 4-8 years ago. Max term for directors is 2 terms. Not sure about CEO though. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Those banned from sitting as directors on listed firms Charles Njonjo James Kiereini Peter Muthoka Martin Foster Richard Kemoli Sobakchand Shah Andrew Hamilton http://www.businessdaily...6/-/5vujevz/-/index.html
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Mnandi wrote: TRUE. Running a company as if it was some personal club cannot help KENYA.
The club is now under fire...... "Kung'u Gatabaki, the chairman at Capital Market Authority (CMA) has announced that the seven former directors betrayed shareholders' interest and could therefore not be trusted with any other boards."
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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This means that blacklisted directors who are serving on any other board will be forced out and will not be allowed on any company, including a securities exchange in the capital markets in Kenya.
“We are also going to pursue the said directors with the help of government agencies to refund upto three-fold the amount they have stolen from the company given that it has been earning interest,” the CMA board chairman Kungu Gatabaki said.
...............This is the boldest step yet that the regulator has taken in dealing with fraud and running down of companies listed at the bourse. .....................The investigations also learnt that most of the persons that had appeared before the Ad hoc committee of the Board had pleaded ignorance of the requirements of their roles as directors of a listed company, and in this regard stated that ignorance, as is always the case, is no defense.
“This was also a pointer to the low levels of awareness and embracing of corporate governance by directors of the listed companies,” Mr Gatabaki noted.http://www.nation.co.ke/...8/-/hpdx85z/-/index.html
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Rank: Member Joined: 12/24/2008 Posts: 112
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So will Kemoli and Kierieni be shown the door at Unga?  Where else?
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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@ Elephant Man... This means that blacklisted directors who are serving on any other board will be forced out and will not be allowed on any company, including a securities exchange in the capital markets in Kenya.
Khalas! finished they are out of the door
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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VituVingiSana wrote:njonjo, kiereini... the old guard is leaving the building! Shameless dirty old men. Nothing great was ever achieved without enthusiasm.
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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Yes, it should be illegal for Njonjo to even dream that he can be on the board of listed companies GOD BLESS YOUR LIFE
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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Na wale waliangusha Uchumi je? Ama that will never be revisited? GOD BLESS YOUR LIFE
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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youcan'tstopusnow wrote:Na wale waliangusha Uchumi je? Ama that will never be revisited?
koti iliamua hatma yao
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Jamani wrote:youcan'tstopusnow wrote:Na wale waliangusha Uchumi je? Ama that will never be revisited?
koti iliamua hatma yao Can Mutunga court revisit their cases? That was Kibaki's court at the time. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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Impunity wrote:Jamani wrote:youcan'tstopusnow wrote:Na wale waliangusha Uchumi je? Ama that will never be revisited?
koti iliamua hatma yao Can Mutunga court revisit their cases? That was Kibaki's court at the time. "The double jeopardy provisions protect an accused from being tried again on the same or similar charges following an acquittal or conviction. The principal is embodied in Article 50(2)(o) of the Constitution and the Criminal Procedure Code, Sections 138-142. However, by virtue of Section 139 through Section 141 of the CPC, a person may be charged and tried again: a. for a separate offence arising from the same set of facts as those of the crime for which the accused was previously convicted or acquitted. b. for consequences which arise after a conviction or acquittal, if they were not known at the time of conviction or acquittal. c. if the court that tried the accused in the first instance was not competent to try the offence for which he is subsequently charged." GOD BLESS YOUR LIFE
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