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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
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
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
Rank: Elder

Joined: 12/7/2012
Posts: 11,935
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
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
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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  | | Edit by user: Wednesday, January 28, 2015 8:26 AM | Reason: Not specified
MaichBlack
#6 Posted : Wednesday, January 28, 2015 8:54:52 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,836
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!!!

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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
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
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
Rank: Member

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
Rank: Member

Joined: 3/14/2012
Posts: 577
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
Rank: Elder

Joined: 7/22/2009
Posts: 7,836
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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