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Mwalimu Sacco buys 51pc of ECB
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Sober
#1 Posted : Tuesday, January 27, 2015 6:25:36 PM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
I read that Mwalimu Sacco buys controlling stake of the Equitorial Commercial Bank. They say they will treat it as an investment and that they are not venturing into the banking sector. Hapa Merali ameangukia
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Ericsson
#2 Posted : Tuesday, January 27, 2015 6:56:55 PM
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Joined: 12/4/2009
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Location: NAIROBI
@Sober
SOber up gava has stopped the transaction to allow further probe.The sacco might be buying an empty shell
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Angelica _ann
#3 Posted : Tuesday, January 27, 2015 9:16:48 PM
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Joined: 12/7/2012
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We know who gains in this transaction!!!!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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whiteowl
#4 Posted : Wednesday, January 28, 2015 8:03:55 AM
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Joined: 4/16/2014
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Location: Bohemian Grove
One of the best Sacco flushing their cash down the drain
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hisah
#5 Posted : Wednesday, January 28, 2015 8:25:24 AM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Ericsson wrote:
@Sober
SOber up gava has stopped the transaction to allow further probe.The sacco might be buying an empty shell

Merali to cede control of the bank? Fishy deal. A particular sacco was wanjikud so will read a future headline.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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MaichBlack
#6 Posted : Wednesday, January 28, 2015 8:54:52 AM
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Joined: 7/22/2009
Posts: 7,455
This totally stinks. Sacco money being flushed down the toilet and quite a good number of people must be on the take. The chicken on this must have been more than the usual 10% given the number of people who must have been on the take - from Sacco officials to regulatory bodies!!!

Link
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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VituVingiSana
#7 Posted : Wednesday, January 28, 2015 11:10:45 AM
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Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
I wonder how much the Mwalimu SACCO officials are getting in this deal... Bad move! The SACCO should talk to Centum and buy a stake in K-Rep...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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luxel
#8 Posted : Wednesday, January 28, 2015 7:14:02 PM
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Joined: 7/17/2008
Posts: 152
It's so unfortune that teachers are fighting for salary increment while they are losing so much on other deals. Merali seems eager to sell 100%. The teachers should restrict and leave him with 40% then lock him for 5 years.

The MD of this bank used to be the MD of the Sacco.
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YoungMulla
#9 Posted : Wednesday, January 28, 2015 10:33:49 PM
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Location: Nairobi Kenya
Merali giving away a controlling stake?? That alone should raise enough eyebrows
Before I die - i will touch the sky!!
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MaichBlack
#10 Posted : Thursday, January 29, 2015 5:29:00 AM
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Joined: 7/22/2009
Posts: 7,455
YoungMulla wrote:
Merali giving away a controlling stake?? That alone should raise enough eyebrows

I hope the Sacco can still get their money back. I also hope this does not end up being a protracted court battle.

If only our so called parliamentarians were not so busy with things that don't help Kenyans! We need tough laws in the areas of corporate governance/financial sectors/Securities exchange etc. If some of these fellows pulled the stunts they pull here in the US, they would earn a cool 50 years in jail!!!
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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streetwise
#11 Posted : Thursday, January 29, 2015 7:57:56 AM
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I think the character of the person is what is in question.

Then ask yourself why the Sacco is in a hurry to become a bank, does this service the members interest.
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Sober
#12 Posted : Thursday, January 29, 2015 8:35:22 AM
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Posts: 3,604
Ericsson wrote:
@Sober
SOber up gava has stopped the transaction to allow further probe.The sacco might be buying an empty shell


Very true. Ksh 1.6b! Does this mean that they valued the bank at 3.2 Billion?!
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Sober
#13 Posted : Thursday, January 29, 2015 8:40:58 AM
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Joined: 11/27/2007
Posts: 3,604
luxel wrote:
It's so unfortune that teachers are fighting for salary increment while they are losing so much on other deals. Merali seems eager to sell 100%. The teachers should restrict and leave him with 40% then lock him for 5 years.

The MD of this bank used to be the MD of the Sacco.


The Cooperative Alliance Chief executive asked "why a bank which is worth an eighth of the Sacco's assets being bought without members being informed about the transaction "
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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gmg
#14 Posted : Thursday, January 29, 2015 9:38:53 AM
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Joined: 3/17/2009
Posts: 201
the sacco needs to get innovative in lending to teachers the 1.6 billion its using to buy the bank. but remember the sacco CEO was once the Banks Finance Director so they are facilitating the deal going the the kenyan Kickback rates of 10% there are pple pocketing ksh 160 million. The deal has to be forced through. The bank has been making losses I WONDER THE INTENTIONS OF A SACCO OWNING A LOSS MAKING BANK to carry out operations which the sacco is more efficient in.
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IDP
#15 Posted : Thursday, January 29, 2015 9:48:32 AM
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Joined: 8/26/2009
Posts: 76
All Saccos want to transform into banks at some point, but getting the banking license is almost impossible bcoz Government does not respect saccos. Mwalimu sacco is just buying the banking license not the damn bank.
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hisah
#16 Posted : Tuesday, March 31, 2015 2:35:35 AM
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Joined: 8/4/2010
Posts: 8,977
hisah wrote:
Ericsson wrote:
@Sober
SOber up gava has stopped the transaction to allow further probe.The sacco might be buying an empty shell

Merali to cede control of the bank? Fishy deal. A particular sacco was wanjikud so will read a future headline.

That didn't take long...

Equatorial Commercial Bank loss after tax stands at Sh326.4m
Quote:
The bank said it set aside a total of Sh880.8 million to cover bad debts, a 915 per cent jump from the Sh87 million it set aside over a similar period the previous year.


Hope mwalimu sacco knows how to swim in shark infested waters.

This NPL shadowy animal still lingers in the KE banking sector. Risk departments at the banks are on toes if their models are right. Caging that animal is taking extra effort...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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murchr
#17 Posted : Tuesday, March 31, 2015 4:22:45 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
hisah wrote:
hisah wrote:
Ericsson wrote:
@Sober
SOber up gava has stopped the transaction to allow further probe.The sacco might be buying an empty shell

Merali to cede control of the bank? Fishy deal. A particular sacco was wanjikud so will read a future headline.

That didn't take long...

Equatorial Commercial Bank loss after tax stands at Sh326.4m
Quote:
The bank said it set aside a total of Sh880.8 million to cover bad debts, a 915 per cent jump from the Sh87 million it set aside over a similar period the previous year.


Hope mwalimu sacco knows how to swim in shark infested waters.

This NPL shadowy animal still lingers in the KE banking sector. Risk departments at the banks are on toes if their models are right. Caging that animal is taking extra effort...


I've been waiting for this bombshell, i believe this is not all...
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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MaichBlack
#18 Posted : Tuesday, March 31, 2015 8:33:43 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,455
MaichBlack wrote:
This totally stinks. Sacco money being flushed down the toilet and quite a good number of people must be on the take. The chicken on this must have been more than the usual 10% given the number of people who must have been on the take - from Sacco officials to regulatory bodies!!!

Link

MaichBlack wrote:
YoungMulla wrote:
Merali giving away a controlling stake?? That alone should raise enough eyebrows

I hope the Sacco can still get their money back. I also hope this does not end up being a protracted court battle.

If only our so called parliamentarians were not so busy with things that don't help Kenyans! We need tough laws in the areas of corporate governance/financial sectors/Securities exchange etc. If some of these fellows pulled the stunts they pull here in the US, they would earn a cool 50 years in jail!!!

We told them!

They didn't even need consultants. They could have got the information + a stern warning to keep off from Wazuans free of charge! Or they should have just given @vvs a call. He knows this man better than most people! But I guess the chicken was too sweet!
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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Angelica _ann
#19 Posted : Tuesday, March 31, 2015 9:27:23 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,908
Sacco officials are one of the major groups who specializes in eating chicken.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Othelo
#20 Posted : Wednesday, July 06, 2016 8:08:53 AM
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Joined: 1/20/2014
Posts: 3,528
http://www.businessdaily...4/-/jmtjy0/-/index.html
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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