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Dubai Bank placed under receivership for 12 months
Rank: Elder Joined: 10/1/2009 Posts: 2,436
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And MD has fled to India.
Kenya Deposit Insurance Corporation (KDIC) appointed as receiver.
Twas a long time coming..too many shenanigans been happening there.
Will depositors get their cash back?
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Who's next? Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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KulaRaha wrote:Who's next? Maybe nbk
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. @Mawinder do something... Life is short. Live passionately.
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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#Elliott wave are smelling blood on the streets soon. Anticipated weakening US$ will sort us out!!! 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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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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It had lots of shady dealings for years, something had to give
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Is Dubai Bank the same as Dubai International Bank DIB?
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Lolest! wrote:mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014 Quote:The fallout between Mr Zubeidi and Ms Said revealed the seeming rot that had been going on at the bank putting at risk customer deposits that then amounted to nearly Sh2 billion by November 2012. When the fallout spilled into the limelight, depositors rushed to withdraw their funds so that by the end of 2014, only Sh4 million had been left in the bank as customer deposits. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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dunkang wrote:Lolest! wrote:mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014 Quote:The fallout between Mr Zubeidi and Ms Said revealed the seeming rot that had been going on at the bank putting at risk customer deposits that then amounted to nearly Sh2 billion by November 2012. When the fallout spilled into the limelight, depositors rushed to withdraw their funds so that by the end of 2014, only Sh4 million had been left in the bank as customer deposits. Then in that case I am one of their biggest clients.Anyway I don't think the statement on deposits is true.I went on Saturday and it was closed with a notice that it will reopen on Monday. Hope my money is safe.
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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mawinder wrote:dunkang wrote:Lolest! wrote:mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014 Quote:The fallout between Mr Zubeidi and Ms Said revealed the seeming rot that had been going on at the bank putting at risk customer deposits that then amounted to nearly Sh2 billion by November 2012. When the fallout spilled into the limelight, depositors rushed to withdraw their funds so that by the end of 2014, only Sh4 million had been left in the bank as customer deposits. Then in that case I am one of their biggest clients.Anyway I don't think the statement on deposits is true.I went on Saturday and it was closed with a notice that it will reopen on Monday. Hope my money is safe. @mawinder - Pole sana. Why did you pick this bank over the other 42? 100,000/- is covered. The rest might not be covered. Good luck. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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VituVingiSana wrote:mawinder wrote:dunkang wrote:Lolest! wrote:mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014 Quote:The fallout between Mr Zubeidi and Ms Said revealed the seeming rot that had been going on at the bank putting at risk customer deposits that then amounted to nearly Sh2 billion by November 2012. When the fallout spilled into the limelight, depositors rushed to withdraw their funds so that by the end of 2014, only Sh4 million had been left in the bank as customer deposits. Then in that case I am one of their biggest clients.Anyway I don't think the statement on deposits is true.I went on Saturday and it was closed with a notice that it will reopen on Monday. Hope my money is safe. @mawinder - Pole sana. Why did you pick this bank over the other 42? 100,000/- is covered. The rest might not be covered. Good luck. The MD Binnay Dutta was good in "deals" having assisted me pull deals while he was still at UBA bank.Went there today it is still closed.I think I will have to write off the deposit, even though it is a substantial amount and to make matters worse NCPB wrote me a letter stating that they would pay me through Dubai bank and I cannot change the bank without informing Dubai bank.This shit is too much for me to handle!!!!!!!!!!!
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Rank: Veteran Joined: 4/23/2014 Posts: 909
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Quick question, was this not the same bank that was demanding 400 mil from Mumias? “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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HaMaina wrote:Quick question, was this not the same bank that was demanding 400 mil from Mumias? Yes,besides many other shady deals.It is also the same bank that the MD fled to India when things became hot, It has also refused to pay a prominent businessman Geoffrey Asanyo 197million bob.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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mawinder wrote:VituVingiSana wrote:mawinder wrote:dunkang wrote:Lolest! wrote:mawinder wrote:KulaRaha wrote:Who's next? Eagerly waiting. Had a fixed deposit with them which was used to secure a guarantee. Hope my money is safe. Today's nation claims clients withdrew deposits with them and only 4m remained as at Dec 2014 Quote:The fallout between Mr Zubeidi and Ms Said revealed the seeming rot that had been going on at the bank putting at risk customer deposits that then amounted to nearly Sh2 billion by November 2012. When the fallout spilled into the limelight, depositors rushed to withdraw their funds so that by the end of 2014, only Sh4 million had been left in the bank as customer deposits. Then in that case I am one of their biggest clients.Anyway I don't think the statement on deposits is true.I went on Saturday and it was closed with a notice that it will reopen on Monday. Hope my money is safe. @mawinder - Pole sana. Why did you pick this bank over the other 42? 100,000/- is covered. The rest might not be covered. Good luck. The MD Binnay Dutta was good in "deals" having assisted me pull deals while he was still at UBA bank.Went there today it is still closed.I think I will have to write off the deposit, even though it is a substantial amount and to make matters worse NCPB wrote me a letter stating that they would pay me through Dubai bank and I cannot change the bank without informing Dubai bank.This shit is too much for me to handle!!!!!!!!!!! Hunter becomes the hunted. See where greed can leave you. Deals , ndizi ya maji huenda na maji punda amecheka
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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New International Version Like a partridge that hatches eggs it did not lay are those who gain riches by unjust means. When their lives are half gone, their riches will desert them, and in the end they will prove to be fools . Jeremiah 17:11 Pole mawinder, learn a lesson, accept and move on punda amecheka
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Rank: Elder Joined: 11/5/2010 Posts: 2,459
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mawinder wrote:HaMaina wrote:Quick question, was this not the same bank that was demanding 400 mil from Mumias? Yes,besides many other shady deals.It is also the same bank that the MD fled to India when things became hot, It has also refused to pay a prominent businessman Geoffrey Asanyo 197million bob. @mawinder, don't worry, am sure it was good while it lasted. I heard about their amazing deals from a business associate. For those criticizing, let me put a real life example. Your friend from college is running for governor and you give him all the support you can. Time, your vehicles name it. The guy wins and naturally its payback time. So your recently registered company has been awarded a tender to do the sewer network in the town for Kes.90M. But before you can proceed to the site, you need a performance guarantee of Kes.9M (10%). None of the 42 banks would help you without either a cash cover for the guarantee or appropriate collateral. Thats where Dubai bank comes in. They really sorted guys with those guarantees. BTW, if anyone has a problem with the above scenario, you know morality and ethical issues bla bla bla, clearly you do not live in Kenya.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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FRM2011 wrote:mawinder wrote:HaMaina wrote:Quick question, was this not the same bank that was demanding 400 mil from Mumias? Yes,besides many other shady deals.It is also the same bank that the MD fled to India when things became hot, It has also refused to pay a prominent businessman Geoffrey Asanyo 197million bob. @mawinder, don't worry, am sure it was good while it lasted. I heard about their amazing deals from a business associate. For those criticizing, let me put a real life example. Your friend from college is running for governor and you give him all the support you can. Time, your vehicles name it. The guy wins and naturally its payback time. So your recently registered company has been awarded a tender to do the sewer network in the town for Kes.90M. But before you can proceed to the site, you need a performance guarantee of Kes.9M (10%). None of the 42 banks would help you without either a cash cover for the guarantee or appropriate collateral. Thats where Dubai bank comes in. They really sorted guys with those guarantees. BTW, if anyone has a problem with the above scenario, you know morality and ethical issues bla bla bla, clearly you do not live in Kenya. You mean you are my business associate? Anyway my situation is 90% similar to what you have described.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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newfarer wrote:New International Version
Like a partridge that hatches eggs it did not lay are those who
gain riches by unjust means. When their lives are half gone, their
riches will desert them, and in the end they will prove to be fools . Jeremiah 17:11
Pole mawinder, learn a lesson, accept and move on It is not that simple accepting and moving on when you stand to lose a fortune!!!!!!!!
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Dubai Bank placed under receivership for 12 months
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