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Chase Bank loss...another case of cooking the books?
maka
#281 Posted : Friday, April 08, 2016 9:12:19 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Sufficiently Philanga....thropic wrote:
Othelo wrote:
popat wrote:
One of the bank directors alienda hapo Eastern Bypass akafungua joint inaitwa Oakpoint Ruiru.The best in the O.J neighbourhoods.He is minting serious chums as Kenyans warrow in miasma of lost fortunes.I don't know who can be trusted in this country....

So this is how guys are acquiring crazy properties in Nairobi and environs. Okay Sad

In Karen,at the junction of Ndege road and Langata road, sits this prestigious building called Watermark Business Park spanning 15 acres complete with fountains and what have you. Recently, Unilever moved their regional headquarters here!



Oh yes...
possunt quia posse videntur
Emerger
#282 Posted : Friday, April 08, 2016 9:13:14 AM
Rank: New-farer

Joined: 12/1/2014
Posts: 45
Location: Nairobi
MaichBlack wrote:
kimugaman wrote:
They are blaming social media. How about owners of bank, taking deposits, then loaning it out to themselves, then cooking the books to hide those loans. If there was no social media, people in bars and markets and social gatherings still could have talked about it.

There was total rot in this bank! No need to blame the social media. Granted, some individuals inevitably dramatized some facts and misrepresented some but it is not like we are talking about a sound bank that followed strict corporate governance. Secret insider loans, misreporting etc. What did they expect???

There is nothing as bad as rumours accompanied by verifiable facts. The sickening verifiable facts are attributable to the banks management and directors!!!


True true.
Dr Pato has always said he wants to leave CBK as a world class central bank. If we read in between the lines, this is a journey he has embarked on. There's nothing world class with no strict standards and their enforcement. He has not yet started streamlining the system, he is just but cleaning it to give him a base to start. So all this ndrama is a cleaning exercise being carried out. Some banks have 'dirtified' their books so its dirt that we are seeing as for now na mambo bado.
Next stage will be setting minimum baseline operating standards the modus operandi is set to change. Supervision will be in another level after the cleanup.
Vetting of who runs the banks at both board level and senior management will be at another level.
Corporate governance will be like a daily hymn in the industry.
So fellow wazuans the revolution is real but at the very initial stages.
Impunity
#283 Posted : Friday, April 08, 2016 9:17:11 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Impunity wrote:
Obi 1 Kanobi wrote:
whiteowl wrote:
masukuma wrote:
mlennyma wrote:
dunkang wrote:
So, I move my money, interest and time to Sports Betting and banks starts collapsing left, right and center.

Its OK.

Funny enough is that this banks are collapsing after their MDs and CEOs receive awards of excellence. Very funny. Very very funny.

the former governor also left with many awards and recognitions

is that a tell-tell sign?


Yes.Munir best CEO 2014,the chase bank guy best CEO 2015.Even in other countries studies show a correlation between awards and poor performance of the company. Its not always the case but you can't ignore the trend. Watch out for the best CEO in the banking sector this year!


Think Business Bank Awards outside those categories supported by actual data are not to be taken very seriously.

The CEO of the Year is I think just a rotational BS awarded to somone who has not received it before. Literally all the major CEO's have received this award, may be there's a ka'rotational policy.Laughing out loudly Laughing out loudly


...and on that note, I will just leave this one here....UKenyatta is best Africa's president!


I will remind us here again by quoting the above.

Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

timizo
#284 Posted : Friday, April 08, 2016 9:40:58 AM
Rank: Member

Joined: 2/3/2015
Posts: 126
Location: Nairobi
A law need to be passed in Parliament urgently to criminalise Bank directors borrowing above some ratio. It should also be criminal for them to borrow without security. The jail terms should be high and attract death penalty in case of a magnitude such as the one for chase bank. If we do not do this, then there will be no difference between putting your money in a bank and giving it to Kanyari or arap mashamba for safe keeping.
maka
#285 Posted : Friday, April 08, 2016 9:42:41 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
timizo wrote:
A law need to be passed in Parliament urgently to criminalise Bank directors borrowing above some ratio. It should also be criminal for them to borrow without security. The jail terms should be high and attract death penalty in case of a magnitude such as the one for chase bank. If we do not do this, then there will be no difference between putting your money in a bank and giving it to Kanyari or arap mashamba for safe keeping.


@Timizo its already there...
possunt quia posse videntur
timizo
#286 Posted : Friday, April 08, 2016 9:46:59 AM
Rank: Member

Joined: 2/3/2015
Posts: 126
Location: Nairobi
maka wrote:
timizo wrote:
A law need to be passed in Parliament urgently to criminalise Bank directors borrowing above some ratio. It should also be criminal for them to borrow without security. The jail terms should be high and attract death penalty in case of a magnitude such as the one for chase bank. If we do not do this, then there will be no difference between putting your money in a bank and giving it to Kanyari or arap mashamba for safe keeping.


@Timizo its already there...


Okay.... Do you mean a simple easy one just for CBK regulatory? I mean one where the guys should already be in court plus all those members of staff who approved or were in a position to know of that the limit had been exceeded like the Finance Director and CEO.
maka
#287 Posted : Friday, April 08, 2016 9:50:10 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
timizo wrote:
maka wrote:
timizo wrote:
A law need to be passed in Parliament urgently to criminalise Bank directors borrowing above some ratio. It should also be criminal for them to borrow without security. The jail terms should be high and attract death penalty in case of a magnitude such as the one for chase bank. If we do not do this, then there will be no difference between putting your money in a bank and giving it to Kanyari or arap mashamba for safe keeping.


@Timizo its already there...


Okay.... Do you mean a simple easy one just for CBK regulatory? I mean one where the guys should already be in court plus all those members of staff who approved or were in a position to know of that the limit had been exceeded like the Finance Director and CEO.


That will never happen in Kenya...anyway not now.
possunt quia posse videntur
iris
#288 Posted : Friday, April 08, 2016 10:04:29 AM
Rank: Member

Joined: 9/11/2014
Posts: 228
Location: Nairobi
@timizo, I think you are mixing up the existence of laws and enforcement. We have very many good laws but we are all so many rats unable to bell the cats. Probably this is what @maka is saying..
muganda
#289 Posted : Friday, April 08, 2016 11:20:18 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Mafisi TIBIP!‏@roomthinker
What's the difference between a 7.9 billion unsecured loan and a bank robbery?
Grant ‏@GrantBrooke
You wear a suit for one, and a mask for the other.


whiteowl
#290 Posted : Friday, April 08, 2016 11:52:10 AM
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
maka wrote:
timizo wrote:
maka wrote:
timizo wrote:
A law need to be passed in Parliament urgently to criminalise Bank directors borrowing above some ratio. It should also be criminal for them to borrow without security. The jail terms should be high and attract death penalty in case of a magnitude such as the one for chase bank. If we do not do this, then there will be no difference between putting your money in a bank and giving it to Kanyari or arap mashamba for safe keeping.


@Timizo its already there...


Okay.... Do you mean a simple easy one just for CBK regulatory? I mean one where the guys should already be in court plus all those members of staff who approved or were in a position to know of that the limit had been exceeded like the Finance Director and CEO.


That will never happen in Kenya...anyway not now.


The problem is impunity (not the Wazuan)
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