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What a Joke!!! The Capital Markets Authority!
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MaichBlack
#1 Posted : Saturday, May 25, 2013 7:20:05 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
The fines by The Capital Markets Authority are ridiculous to say the least!!!

Fines are supposed to be punitive enough to discourage wrong doing. How do you fine a company Kshs. 50,000/= for REFUSING to issue a profit warning???

Absolutely no words!!! This is a BIG joke!!

Link Here!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Penny-Stocker
#2 Posted : Saturday, May 25, 2013 7:36:08 PM
Rank: Member


Joined: 10/31/2010
Posts: 154
MaichBlack wrote:
The fines by The Capital Markets Authority are ridiculous to say the least!!!

Fines are supposed to be punitive enough to discourage wrong doing. How do you fine a company Kshs. 50,000/= for REFUSING to issue a profit warning???

Absolutely no words!!! This is a BIG joke!!

Link Here!

I saw that and I was like, REALLY?d'oh! 50k....that's pocket change!
“None but ourselves can free our minds.”
- Bob Marley
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maka
#3 Posted : Saturday, May 25, 2013 7:50:41 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
MaichBlack wrote:
The fines by The Capital Markets Authority are ridiculous to say the least!!!

Fines are supposed to be punitive enough to discourage wrong doing. How do you fine a company Kshs. 50,000/= for REFUSING to issue a profit warning???

Absolutely no words!!! This is a BIG joke!!

Link Here!

I have said it before the CMA should pull up their socks its for the good of the investing public and shores up market confidence...they dont take things seriously,50k is nothing and you can bet your life that it was done on purpose...I have seen a couple of posts here where peeps are complaining about dividend cheques payment...best practice dictates that 6 weeks after the announcement of div payout an investor should receive the money...hapa its another story.
possunt quia posse videntur
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Mukiri
#4 Posted : Saturday, May 25, 2013 8:21:53 PM
Rank: Elder


Joined: 7/11/2012
Posts: 5,222
Is it the same fellas who went to the press that Kengen was going to have a rights issue? Someone needs to take them to court!

Proverbs 19:21
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obiero
#5 Posted : Saturday, May 25, 2013 10:37:24 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,556
Location: nairobi
what is shocking here? this is Kenya..

COOP 70,000 ABP 15.20; HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Penny-Stocker
#6 Posted : Saturday, May 25, 2013 10:49:40 PM
Rank: Member


Joined: 10/31/2010
Posts: 154
obiero wrote:
what is shocking here? this is Kenya..

pare omera Obiero! This should be investigated...but once again, mtado?
“None but ourselves can free our minds.”
- Bob Marley
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mwekez@ji
#7 Posted : Saturday, May 25, 2013 11:39:14 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
Mukiri wrote:
Is it the same fellas who went to the press that Kengen was going to have a rights issue? Someone needs to take them to court!



Its also the same fellas who went ahead to appoint James Mworia as a member of CMA Corporate Governance Committee after he had blatantly abused the CMA rules #Impunity_at_its_best
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youcan'tstopusnow
#8 Posted : Sunday, May 26, 2013 12:21:37 AM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
mwekez@ji wrote:
Mukiri wrote:
Is it the same fellas who went to the press that Kengen was going to have a rights issue? Someone needs to take them to court!



Its also the same fellas who went ahead to appoint James Mworia as a member of CMA Corporate Governance Committee after he had blatantly abused the CMA rules #Impunity_at_its_best

And Centum also won a governance awardLaughing out loudly
#YouCan'tMakeThisStuffUp
GOD BLESS YOUR LIFE
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mwekez@ji
#9 Posted : Sunday, May 26, 2013 12:34:48 AM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
youcan'tstopusnow wrote:
mwekez@ji wrote:
Mukiri wrote:
Is it the same fellas who went to the press that Kengen was going to have a rights issue? Someone needs to take them to court!



Its also the same fellas who went ahead to appoint James Mworia as a member of CMA Corporate Governance Committee after he had blatantly abused the CMA rules #Impunity_at_its_best

And Centum also won a governance awardLaughing out loudly
#YouCan'tMakeThisStuffUp


Laughing out loudly Laughing out loudly Laughing out loudly
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guru267
#10 Posted : Sunday, May 26, 2013 12:36:59 AM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
The same fools who are finding it difficult to enforce the 75% foreign ownership rule! Shame on you
Mark 12:29
Deuteronomy 4:16
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VituVingiSana
#11 Posted : Sunday, May 26, 2013 12:41:07 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,129
Location: Nairobi
Why should SHAREHOLDERS [not the Board or Directors or Management] of Centum suffer for a mistake by the Board/Directors/Management? Why should a shareholder, with no voice, suffer for something s/he has no control over?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Penny-Stocker
#12 Posted : Sunday, May 26, 2013 12:41:55 AM
Rank: Member


Joined: 10/31/2010
Posts: 154



Its also the same fellas who went ahead to appoint James Mworia as a member of CMA Corporate Governance Committee after he had blatantly abused the CMA rules #Impunity_at_its_best[/quote]
And Centum also won a governance awardLaughing out loudly
#YouCan'tMakeThisStuffUp
[/quote]
Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
“None but ourselves can free our minds.”
- Bob Marley
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MaichBlack
#13 Posted : Sunday, May 26, 2013 8:26:38 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
VituVingiSana wrote:
Why should SHAREHOLDERS [not the Board or Directors or Management] of Centum suffer for a mistake by the Board/Directors/Management? Why should a shareholder, with no voice, suffer for something s/he has no control over?

Very good point @vvs. Actually CMA's reasoning has bothered me for some time.

When the board/management refuses to announce a profit warning they actually deny investors a chance to make informed decisions. When C.M.A. fines the COMPANY they are actually making the same investor pay for being denied the information! Ridiculous!!! The board and senior management should be held PERSONALLY responsible. They should be fined and most importantly BANNED from holding any position in a publicly listed company for a period of time - two years minimum! Now that's a language they would understand.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Ilikeyou
#14 Posted : Sunday, May 26, 2013 4:06:51 PM
Rank: Member


Joined: 11/21/2007
Posts: 152
Location: Nairobi
VituVingiSana wrote:
Why should SHAREHOLDERS [not the Board or Directors or Management] of Centum suffer for a mistake by the Board/Directors/Management? Why should a shareholder, with no voice, suffer for something s/he has no control over?


I attended AGM last Year at Two Rivers ground & James Mworia indicated that though they were fined 50k by CMA the money was paid by directors and not from company funds.
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