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Chase Bank loss...another case of cooking the books?
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washiku
#511 Posted : Thursday, April 14, 2016 10:19:33 AM
Rank: Chief

Joined: 5/9/2007
Posts: 13,095
Ethiteri wrote:
Impunity wrote:
Ethiteri wrote:
I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.

"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"



Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer.



Hoping I wont swallow my words...

It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy.

Spread hope bwana @Impunity.


Hizi story munatoa wapi? At least mine is below the 100k so nitapata yote.smile
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iris
#512 Posted : Thursday, April 14, 2016 10:26:07 AM
Rank: Member

Joined: 9/11/2014
Posts: 228
Location: Nairobi
Swenani wrote:
iris wrote:
streetwise wrote:
I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.

Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform

Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.


@streetwise, from a strictly Wanjiku point of view, I am disagreeing with your disagreement. Who is really the auditor's client? Your ideal of the public is just an ideal. I have long been puzzled by the fact that an organization hires and PAYS an auditor, who is then supposed to be more loyal to the public than the organization. This may perhaps work in a highly regulated society, but here? I imagine a really tough and straight auditing firm will get very few assignments from our less than straight banks. May be the regulator should assign auditors and pay from a fund contributed by said organizations?


I ideally, the auditors should be appointed by the directors/board of directors who represent the interests of the shareholder.The auditors should express an opinion on the financial statements prepared by management for shareholders


Where do you draw the lines in such banks as Equity, where JM is Management/Director/Shareholder. Even in other scenarios, really independent boards are hard to come by.
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moneydust
#513 Posted : Thursday, April 14, 2016 11:20:02 AM
Rank: Member

Joined: 1/31/2007
Posts: 304
Deloitte and Chase bank

If this is true then the auditors have really screwed this bank
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Ethiteri
#514 Posted : Thursday, April 14, 2016 11:42:17 AM
Rank: Member

Joined: 2/4/2016
Posts: 175
Location: Global
washiku wrote:
Ethiteri wrote:
Impunity wrote:
Ethiteri wrote:
I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.

"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"



Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer.



Hoping I wont swallow my words...

It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy.

Spread hope bwana @Impunity.


Hizi story munatoa wapi? At least mine is below the 100k so nitapata yote.smile


wewe unataka story ama the source?We are connected and we know peoplesmile smile

You will get your money.Usiwe doubting Thomaso
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Impunity
#515 Posted : Thursday, April 14, 2016 12:17:13 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Ethiteri wrote:
Impunity wrote:
Ethiteri wrote:
I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.

"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"



Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer.



Hoping I wont swallow my words...

It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy.

Spread hope bwana @Impunity.


Will Chase bank remain as Shase bank or it will be bought and the name changed completely?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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KulaRaha
#516 Posted : Thursday, April 14, 2016 12:19:10 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
So did anyone here attend the crazy wild parties at The Chairman of Chase's home? All the local Chase talent was showcased...
Business opportunities are like buses,there's always another one coming
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Impunity
#517 Posted : Thursday, April 14, 2016 12:22:02 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
moneydust wrote:
Deloitte and Chase bank

If this is true then the auditors have really screwed this bank


And why did Chase Bank mixed the two different "banking ideologies" into one?
No excuses for them.

If you want to run an Imam bank, open one and run as such but dont mix it with the mainline banking.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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shocks
#518 Posted : Thursday, April 14, 2016 12:31:43 PM
Rank: Member

Joined: 3/15/2009
Posts: 362
moneydust wrote:
Deloitte and Chase bank

If this is true then the auditors have really screwed this bank

What does the standard say about this, how do other banks handle it, any experts around.
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Obi 1 Kanobi
#519 Posted : Thursday, April 14, 2016 12:33:03 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
moneydust wrote:
Deloitte and Chase bank

If this is true then the auditors have really screwed this bank


This article is a classic defense move by the director(s).

The issue is simple, did the bank advance 7.9Bn,
Ans; yes

To whom?

What is so difficult with the director saying in this article (or to the CID) that these loans were advanced to person ABC who are not associated with the bank, therefore the insider classification is wrong!!

Ama!!

Trying to explain this whole mess as some Islamic banking treatment is BS. Infact I would be curious to know whose names are on the mentioned properties

The BD articles today read like paid adverts by the Directors, attempting to claw back lost ground.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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  | | Edit by user: Thursday, April 14, 2016 12:37 PM | Reason: Not specified
Obi 1 Kanobi
#520 Posted : Thursday, April 14, 2016 12:41:40 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
shocks wrote:
moneydust wrote:
Deloitte and Chase bank

If this is true then the auditors have really screwed this bank

What does the standard say about this, how do other banks handle it, any experts around.


IFRS or even the prudential guidelines do not differentiate between conventional and Islamic banking and they don't need to coz in both forms the spirit is the same. A loan is a loan.

They only diverge in that Islamic banking requires you to agree the interest upfront in its entirety and its not called interest but rather profit share.
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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