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Chase Bank loss...another case of cooking the books?
Rank: Elder Joined: 3/29/2011 Posts: 2,242
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As they say, the easiest way to rob a bank is to own one. Now Khan, Kabui and co have made their money! When are we forming Wazua Bank Plc? "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Safaricom has suspended all agents tied to Chase Bank. possunt quia posse videntur
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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I see all characters of wazua on this page alma1 bgl,forsports,gathigr, guest 60,hardwood,k22,maka,mkenyan,muchknow,ngapat,othelo,subzero,Tsi,winmak, XSK! ! Eeh nikubaya
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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enyands wrote:I see all characters of wazua on this page alma1 bgl,forsports,gathigr, guest 60,hardwood,k22,maka,mkenyan,muchknow,ngapat,othelo,subzero,Tsi,winmak, XSK! ! Eeh nikubaya 40 guests... possunt quia posse videntur
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Rank: Elder Joined: 4/22/2009 Posts: 2,863
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wa P wrote:Please someone assure my friend that MPESA will not be put under receivership. Huko dio pesa itakaa sasa. Don't be very sure. What happens when you are cornered by thugs? IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Rank: Veteran Joined: 3/26/2012 Posts: 985 Location: Dar es salaam,Tanzania
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Sufficiently Philanga....thropic wrote:Sufficiently Philanga....thropic wrote:If this one goes the way of Imperial Bank, expect a proper shaving on Bank stocks at the NSE. CBK must follow kuroda and Yellen and shore up our NSE,particularly Bank stocks....otherwise as @hisah says....sit tight! CITI BANK 2012 REPORT ON FINANCIAL COOKING BY KENYAN BANKSLeft on the dancefloor after the music stopped.@Hisah raised concern on Kenya banks and liquidity issues long ago The Citi bank report was dismissed by Prof,The former CBK Bank and all the bank CEOs as shoddy.. But now the truth dawns.NOT GOOD FOR NSE AND ESP ON A BEAR MARKET What i always agree with Mnandi is that stock markets is directly proportional to social mood. Economic pessimism must be at the lowest ever level...Not with all the econ scandals and irresponsible institutions.Who will ever trust Q1,Q2,Q3 results. TECHNICALLY ANALYSIS IS ALWAYS ON POINT..VOLUME SPREAD SPEAKS VOLUME
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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enyands wrote:I see all characters of wazua on this page alma1 bgl,forsports,gathigr, guest 60,hardwood,k22,maka,mkenyan,muchknow,ngapat,othelo,subzero,Tsi,winmak, XSK! ! Eeh nikubaya someone has polluted the air  "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Metasploit wrote:Sufficiently Philanga....thropic wrote:Sufficiently Philanga....thropic wrote:If this one goes the way of Imperial Bank, expect a proper shaving on Bank stocks at the NSE. CBK must follow kuroda and Yellen and shore up our NSE,particularly Bank stocks....otherwise as @hisah says....sit tight! CITI BANK 2012 REPORT ON FINANCIAL COOKING BY KENYAN BANKSLeft on the dancefloor after the music stopped.@Hisah raised concern on Kenya banks and liquidity issues long ago The Citi bank report was dismissed by Prof,The former CBK Bank and all the bank CEOs as shoddy.. But now the truth dawns.NOT GOOD FOR NSE AND ESP ON A BEAR MARKET What i always agree with Mnandi is that stock markets is directly proportional to social mood. Economic pessimism must be at the lowest ever level...Not with all the econ scandals and irresponsible institutions.Who will ever trust Q1,Q2,Q3 results. TECHNICALLY ANALYSIS IS ALWAYS ON POINT..VOLUME SPREAD SPEAKS VOLUME Kenyan leaders have learnt a lesson. They must borrow the mindset of CBK governor Bwana Opus Dei kudos! John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 12/11/2006 Posts: 884
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wa P wrote:Please someone assure my friend that MPESA will not be put under receivership. Huko dio pesa itakaa sasa. Nothing can be assured in this market with absolute certainty. Bob's new bride might pull a fast one “Invest in yourself. Your career is the engine of your wealth.”
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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This shows the rot in the previous cbk' governors tenure when a competent dude takes charge "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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How will Rafiki DTM be affected in this saga? I fear for our cash. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: New-farer Joined: 7/12/2011 Posts: 57 Location: nairobi
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wal6807 wrote:Someone advise if thought clients with money market accounts are protected Through CMA.? CMA is just a regulator to oversee that fund managers follow the set regulations and not necessarily guarantee security. In money market the underlying instruments are diversified and most of the time not invested in the custody bank. Not unless Genghis had placed most of their investment with chase bank they should be able to uplift their investments and pay clients.
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Rank: Veteran Joined: 11/14/2006 Posts: 1,311
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alma1 wrote:
In fact, this rumors started with innuendos from some guys in the green section trying to second guess what the CBK governor was going to talk about yesterday.
On being asked a direct question, he said, "those are social media rumors"
Forgive me for trusting my beloved Central Bank Governor more than I trust the hate monger Impunity and the Waiguru cry baby Much Know.
So up until yesterday afternoon, with all the information on wazua plus more information that is not privy to us, the CBK Governor said there was no cause for concern.
But you were all on twitter, you saw what was going on. All of a sudden the story was Chase Bank was going to be closed.
Students of economics shall tell you, if you have a run on a bank, it may not survive unless something drastic is done. Some branches were closing early because people came from everywhere to withdraw their cash.
According the the CBK which I take as a better source of information than Impunity and Much Know, they had to appoint a receiver simply because of the rumors on chocho media.
So get a grip.
Yes, the fake accounting was in the public domain for more than a week. But what brought the bank to its knees was the Chasebank hashtag that even my mother told me about.And yes, they should have handled it better and probably be working today.
Unless of course you are saying that the Governor of the Central Bank of Kenya is a liar. Which may be possible but honestly I believe Much Know to be the biggest liar ever on Wazua. Tafakari hayo.
Now for more matusi's lets meet kule green section.
Though the social media may have hastened the process of getting into receivership, I think it was inevitable.
1. Chase bank shareholders equity is circa Kes 11B while loans to directors and staff are Kes 13.5B.... Real shareholder equity is negative.
2. 8 directors have a loan from the bank of kes 10.5B....which is NPL.
3. CBK requires a maximum of 25% of capital as loans to directors and staff. chase bank has over 100%... Circa 115%.
4. Chase bank was allowed to issue a Kes 10B bond last year while they could have recovered this from their directors...NPLs
Professor Ndungu should be prosecuted.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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K22 wrote:wa P wrote:Please someone assure my friend that MPESA will not be put under receivership. Huko dio pesa itakaa sasa. Mpesa funds are held in trust account(s) in several banks.  Nope, all held in @Uhuru's bank..CBA. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 2/3/2012 Posts: 1,317
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mlennyma wrote:This shows the rot in the previous cbk' governors tenure when a competent dude takes charge Bitter pill of tribalism and political patronage.
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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kollabo wrote:mlennyma wrote:This shows the rot in the previous cbk' governors tenure when a competent dude takes charge Bitter pill of tribalism and political patronage. Even the citizens who drum up support for tribalism are not spared. They are the most victims. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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IMG-20160407-WA0001.jpg "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
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Liv wrote:
Though the social media may have hastened the process of getting into receivership, I think it was inevitable.
1. Chase bank shareholders equity is circa Kes 11B while loans to directors and staff are Kes 13.5B.... Real shareholder equity is negative.
2. 8 directors have a loan from the bank of kes 10.5B....which is NPL.
3. CBK requires a maximum of 25% of capital as loans to directors and staff. chase bank has over 100%... Circa 115%.
4. Chase bank was allowed to issue a Kes 10B bond last year while they could have recovered this from their directors...NPLs
Professor Ndungu should be prosecuted.
I totally agree with you. But I'm not taking all this at face value. The Governor is supposed to be holding a press conference soon on Chase Bank. I'd like to hear what he has to say. Their statement was very clear on "inaccurate social media reports" This case is exactly like the Continental Illinois Bank. Where it was not the mismanagement that caused the failure of the bank but rather an "inaccurate" report by reuters. Mismanagement is part and parcel of any business.Even NBK for crying out loud is still on its feet. Please read this book http://www.amazon.com/Th...-Illinois/dp/0396088090
It's funny how what happened at Chase is exactly what happened with Continental. The only difference is the names of the parties involved. As for the previous governor, I'm sorry to say that we shall be paying for his "leadership" for years to come. God knows what's going to happen to the property market when all these banks start restating their earnings. Now let's wait for the Governor's talk. I'll rely on him for concrete information on exactly what happened. Thieves are not good people. Tumeelewana?
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Liv wrote:alma1 wrote:
In fact, this rumors started with innuendos from some guys in the green section trying to second guess what the CBK governor was going to talk about yesterday.
On being asked a direct question, he said, "those are social media rumors"
Forgive me for trusting my beloved Central Bank Governor more than I trust the hate monger Impunity and the Waiguru cry baby Much Know.
So up until yesterday afternoon, with all the information on wazua plus more information that is not privy to us, the CBK Governor said there was no cause for concern.
But you were all on twitter, you saw what was going on. All of a sudden the story was Chase Bank was going to be closed.
Students of economics shall tell you, if you have a run on a bank, it may not survive unless something drastic is done. Some branches were closing early because people came from everywhere to withdraw their cash.
According the the CBK which I take as a better source of information than Impunity and Much Know, they had to appoint a receiver simply because of the rumors on chocho media.
So get a grip.
Yes, the fake accounting was in the public domain for more than a week. But what brought the bank to its knees was the Chasebank hashtag that even my mother told me about.And yes, they should have handled it better and probably be working today.
Unless of course you are saying that the Governor of the Central Bank of Kenya is a liar. Which may be possible but honestly I believe Much Know to be the biggest liar ever on Wazua. Tafakari hayo.
Now for more matusi's lets meet kule green section.
Though the social media may have hastened the process of getting into receivership, I think it was inevitable.
1. Chase bank shareholders equity is circa Kes 11B while loans to directors and staff are Kes 13.5B.... Real shareholder equity is negative.
2. 8 directors have a loan from the bank of kes 10.5B....which is NPL.
3. CBK requires a maximum of 25% of capital as loans to directors and staff. chase bank has over 100%... Circa 115%.
4. Chase bank was allowed to issue a Kes 10B bond last year while they could have recovered this from their directors...NPLs
Professor Ndungu should be prosecuted.
Very true @Liv. Blaming access to information for the fall of Chase Bank is akin to shooting the messenger coz you don't like the message. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 7/1/2014 Posts: 903 Location: sky
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Liv wrote:alma1 wrote:
In fact, this rumors started with innuendos from some guys in the green section trying to second guess what the CBK governor was going to talk about yesterday.
On being asked a direct question, he said, "those are social media rumors"
Forgive me for trusting my beloved Central Bank Governor more than I trust the hate monger Impunity and the Waiguru cry baby Much Know.
So up until yesterday afternoon, with all the information on wazua plus more information that is not privy to us, the CBK Governor said there was no cause for concern.
But you were all on twitter, you saw what was going on. All of a sudden the story was Chase Bank was going to be closed.
Students of economics shall tell you, if you have a run on a bank, it may not survive unless something drastic is done. Some branches were closing early because people came from everywhere to withdraw their cash.
According the the CBK which I take as a better source of information than Impunity and Much Know, they had to appoint a receiver simply because of the rumors on chocho media.
So get a grip.
Yes, the fake accounting was in the public domain for more than a week. But what brought the bank to its knees was the Chasebank hashtag that even my mother told me about.And yes, they should have handled it better and probably be working today.
Unless of course you are saying that the Governor of the Central Bank of Kenya is a liar. Which may be possible but honestly I believe Much Know to be the biggest liar ever on Wazua. Tafakari hayo.
Now for more matusi's lets meet kule green section.
Though the social media may have hastened the process of getting into receivership, I think it was inevitable.
1. Chase bank shareholders equity is circa Kes 11B while loans to directors and staff are Kes 13.5B.... Real shareholder equity is negative.
2. 8 directors have a loan from the bank of kes 10.5B....which is NPL.
3. CBK requires a maximum of 25% of capital as loans to directors and staff. chase bank has over 100%... Circa 115%.
4. Chase bank was allowed to issue a Kes 10B bond last year while they could have recovered this from their directors...NPLs
Professor Ndungu should be prosecuted.
a loan of more than a billion per director!!!! just shocking There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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Chase Bank loss...another case of cooking the books?
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