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ksh. 5 billion loan from Equity to CCN
Rank: Elder Joined: 10/14/2009 Posts: 2,057
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The legal officer claims he did not participate in the agreement.. It will be interesting to hear what Kisia and Mwangi have to say about the transaction... If you are an eagle don't hang around with chickens; chickens don't fly....
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Rank: Member Joined: 4/25/2011 Posts: 368 Location: Nairobi
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We saw a worsening of service delivery by the City Council during Philip Kisia'a tenure at City Hall. Now, we hear that he actually needed Kshs 5 billion to bring down the level of service delivery. My goodness, I cannot stop blaming Mudavadi for this appointment. And both want to be our leaders!!! And surprising, we must just elect them because they belong to our tribe or our party.
Let me just say something that might attract hate. The average Kenyan voter is stupid regardless of the level of education. And we are preparing our selves to show exactly this in the forth coming elections.
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Rank: Elder Joined: 7/10/2008 Posts: 9,131 Location: Kanjo
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tassia wrote:We saw a worsening of service delivery by the City Council during Philip Kisia'a tenure at City Hall. Now, we hear that he actually needed Kshs 5 billion to bring down the level of service delivery. My goodness, I cannot stop blaming Mudavadi for this appointment. And both want to be our leaders!!! And surprising, we must just elect them because they belong to our tribe or our party.
Let me just say something that might attract hate. The average Kenyan voter is stupid regardless of the level of education. And we are preparing our selves to show exactly this in the forth coming elections. You are very right...we are either tooo slow to ever learn anything. Tribalism & Sycophancy kitu mbaya sana!! i.am.back!!!!
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Rank: Elder Joined: 10/14/2009 Posts: 2,057
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....Equity must be laughing all the way to the bank... At say an interest rate of 20% per annum, the monthly interest repayment is simply mind bogling .. And how will the principal ever be repaid? Kisia ni bure kabisa If you are an eagle don't hang around with chickens; chickens don't fly....
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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The level of impunity, in which public officers, undertake their duties, is worrying. Shouldn't the stakeholders (In this case, ourselves) have been in the know, of the process, from the onset.. and at every stage? Other than a little media noise making, what recourse does mwanainchi have to mitigate the process? And as a form of punishment, stop the parties involved from seeking further public office? @tassia.. I sadly concur with your observation and put it across that it can only result to further death and destruction.. literally!
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Rank: Elder Joined: 7/10/2008 Posts: 9,131 Location: Kanjo
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vinii wrote:....Equity must be laughing all the way to the bank... At say an interest rate of 20% per annum, the monthly interest repayment is simply mind bogling .. And how will the principal ever be repaid? Kisia ni bure kabisa mmmhh are you sure? ever heard of non-performing loans? especially if this loan was for guys to pocket from both sides, they will quickly write it off. Equity shareholders should be very worried. 5B is a lot of money I wonder what kisia did with it. The other possibility is no disbursements were made in terms of loan but only in the books therefore guys pocketing a whole cool 5B. i.am.back!!!!
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Rank: Member Joined: 3/17/2009 Posts: 201
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EQUITY has covered its ASS.....you will see an estate transfered to EQUITY watch this space?????
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Rank: Member Joined: 10/11/2011 Posts: 110 Location: Kenya
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Tuff one for Kisia. Freshly stinking after the 'Eye sore' Certification into this equally odious facility from Muiganania....
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Rank: Member Joined: 7/17/2008 Posts: 152
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Why are we focusing so much on the city council and even calling voters stupid?
What about Equity bank.
1.The govt approved for a term loan with interest of 10%, but the bank gave an overdraft now at 24%.
2. A loan of this magnitude was signed by junior officers at legal dept. and the bank had no issue with that?
3. Payments were made from the O/D by junior officers in finance dept. and bank has no issue with that.
This is the same bank in the maasai mara gate collection saga.
Between the ordinary voter (many not educated as tassia) and the shareholders of equity who is stupid?
How do you expect your bank to keep paying you dividend from stolen money and on the other hand you expect service delivery from council.
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Rank: Elder Joined: 11/14/2007 Posts: 4,152
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luxel wrote:Why are we focusing so much on the city council and even calling voters stupid?
What about Equity bank.
1.The govt approved for a term loan with interest of 10%, but the bank gave an overdraft now at 24%.
2. A loan of this magnitude was signed by junior officers at legal dept. and the bank had no issue with that?
3. Payments were made from the O/D by junior officers in finance dept. and bank has no issue with that.
This is the same bank in the maasai mara gate collection saga.
Between the ordinary voter (many not educated as tassia) and the shareholders of equity who is stupid?
How do you expect your bank to keep paying you dividend from stolen money and on the other hand you expect service delivery from council. Quote:Nonsense!
As usual mwangi is chest thumping. He is behaving as if Equity is the first company to give scholarships. In fact he is wasting money on the media just to promote his personal bank instead of sponsoring extra students. Most of these funds are actually from MasterCard.
Organizations such as Caltex, Co-op bank, kenolkobil, palm---- have been doing this for years and they only appear in the media when inviting needy students to apply and others don’t coz they have their own way of identifying them.
Equity may be a big organization but that will never change mwangi from a crook to a role model. Never!
What do you have against EB, walikula nini yako?
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Rank: Elder Joined: 3/31/2008 Posts: 7,081 Location: Kenya
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tassia wrote:We saw a worsening of service delivery by the City Council during Philip Kisia'a tenure at City Hall. Now, we hear that he actually needed Kshs 5 billion to bring down the level of service delivery. My goodness, I cannot stop blaming Mudavadi for this appointment. And both want to be our leaders!!! And surprising, we must just elect them because they belong to our tribe or our party.
Let me just say something that might attract hate. The average Kenyan voter is stupid regardless of the level of education. And we are preparing our selves to show exactly this in the forth coming elections. ...I support and want to add that most Kenyan, their economic and social standing notwithstanding, are stupid when it comes to voting!
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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No its true Taz the bank is engaging in very questionable deals that involve the govt or parastatals,if some of these things go to court with the new judiciary you will be shocked at the outcome of the cases,proper procedure is not being followed and even the most useless of advocates can argue and win this cases...I Mr.Mwangi is an honourable person why does he allow the institution he is heading get involved in such schemes?? possunt quia posse videntur
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Rank: Elder Joined: 11/14/2007 Posts: 4,152
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@ Maka....I totally agree, there are certain things about this deal which don't add up but i thought this thing was all over the news when they signed the deal, how can the CCN legal director or even officials of the Local Govt ministry claim they know nothing about it. I don't think for one minute Kisia and his team even took time to even look at the details of the loan agreement sasa wanaona they probably got a raw deal and are trying to find a way out.
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Rank: Elder Joined: 3/31/2008 Posts: 7,081 Location: Kenya
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Rank: Member Joined: 7/17/2008 Posts: 152
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@TAZ
Your research is biased because you have selected only 2 posts. I have praised the bank elsewhere in stockskenya/ wazua and i have nothing against the institution.
However, for equity to be a true success story, they should avoid such negative publicity by doing clean business.
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Rank: Member Joined: 3/30/2010 Posts: 176
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So true...in more way than one.
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ksh. 5 billion loan from Equity to CCN
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