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Now Imperial Bank under receivership for 12 months
Rank: User Joined: 1/20/2014 Posts: 3,528
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murchr wrote:Quote:• First to his board, he always presented a ‘re-worked’ top 50 borrower list, so the board always thought all was well.
• The top 50 borrower list his CFO shared with CBK was also different from the one the board saw
• This is where CBK comes into the picture; Janmohamed and crew ‘convinced’ them to never go into their core banking system
• So basically, CBK always took what they were told as the whole truth.
• The only time the board reprimanded JanMohammed was when he was asked TO STOP lending money to a company called ‘Meta’
• Jade Petroleum is a company #imperialbank has sued for irregularly receiving 1.8 billion (Plus interest) through JanMohammed
• The Jade association is bizzare, the owner used to send Janmohammed a list of expenses to be cleared
• Salon bills, supermarket shopping – plane tickets – shopping for his wife and Janmohammed cleared them through #imperialbank
• Who are these people? What did they have on the late GMD?
• They are associated with a family that used to own the Dolphin group – one of them was jailed in the UK for conning an investor
• A company renovating CBK offices was given a loan through Janmohammed – but it was never reported in the books
• The #imperialbank CFO is on record negotiating for a 6 million bob payout to CBK peeps
This stinks hard. Corruption has taken root to the core of the society. These under dealings will chock us. Its about time all banks are audited. @muganda who is PKF? Am lost! Audit Firm/External Auditors of Imperial Bank Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 1/31/2007 Posts: 304
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Othelo wrote:murchr wrote:
This stinks hard. Corruption has taken root to the core of the society. These under dealings will chock us. Its about time all banks are audited. @muganda who is PKF? Am lost!
Audit Firm/External Auditors of Imperial Bank Before everything else..CBK should bar PKF from auditing in the banking sector as external auditors.The level of connivance or incompetence or both in this matter is shocking.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years? CBK should fire people from within. PKF should be deregistered by their professional body. CBK should mount a 3 months non-stop audit of all banks (they are just ~45) Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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dunkang wrote:Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years?
CBK should fire people from within.
PKF should be deregistered by their professional body.
CBK should mount a 3 months non-stop audit of all banks (they are just ~45) Exactly....Are we going to blame a dead man yet there are "systems" in place? Mutunga needs to set up a special court for economic crimes "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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dunkang wrote:Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years?
CBK should fire people from within.
PKF should be deregistered by their professional body.
CBK should mount a 3 months non-stop audit of all banks (they are just ~45) A quick google search shows the following listed firms have PFK footprints.
1. Home Afrika
2. Marshalls
3. Express Kenya
NSE Listed bond - Real People - KES 1.63B floated in Aug 2015.
This will be interesting as the rabbit hole goes deeper and the banking regulator has some tough queries to answer also.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: New-farer Joined: 6/10/2013 Posts: 52
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GOK to the rescue? http://www.businessdaily.../-/4pfjxuz/-/index.html
The rogue accountants at PKF should be disbarred from practice. It would not be fair to shut down the whole practice as innocent employees would suffer.
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Rank: Member Joined: 8/16/2012 Posts: 660
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Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 2/9/2012 Posts: 576
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The sad part is that some families for generations will continue enjoying that loot Africa belongs to Africans.
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Central Bank a tad frustrated by the pace of the shareholders. Imperial's owners frustrate CBK planMeanwhile, large depositors met in Mombasa further irking CBK.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Apparently a meeting this evening in Nairobi for depositors too. Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 8/16/2012 Posts: 660
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Sharks everywhere. That was just bait for some large depositor. He's smelled blood on the corridors knowing some of the large depositors have accumulated the $$ in ways that may complicate the withdrawal process now that the bank is under receivership. Pity the small depositors roped into the mess. Unmasking the large depositors will drag on for a while, reason they will try to rope in small depositors on the frontline to make the most noise for them to CBK. As one Benji put it: Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Museveni wrote:
Sharks everywhere. That was just bait for some large depositor.
He's smelled blood on the corridors knowing some of the large depositors have accumulated the $$ in ways that may complicate the withdrawal process now that the bank is under receivership.
Pity the small depositors roped into the mess.
Unmasking the large depositors will drag on for a while, reason they will try to rope in small depositors on the frontline to make the most noise for them to CBK...
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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what will make a person to open 5 different accounts with the same bank? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Impunity wrote:what will make a person to open 5 different accounts with the same bank? this is quite normal. Example, you can have accounts for different currencies shilling, dollar, Euro, pound in the same bank.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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whiteowl wrote:Impunity wrote:what will make a person to open 5 different accounts with the same bank? this is quite normal. Example, you can have accounts for different currencies shilling, dollar, Euro, pound in the same bank. His was for only KES. But its good to spread out the risk. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Impunity wrote:whiteowl wrote:Impunity wrote:what will make a person to open 5 different accounts with the same bank? this is quite normal. Example, you can have accounts for different currencies shilling, dollar, Euro, pound in the same bank. His was for only KES. But its good to spread out the risk. yes,spreading the risk is a must.where money is involved its good to plan for worst case scenarios even though they don't happen much often.
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Rank: Veteran Joined: 8/10/2014 Posts: 977 Location: Kenya
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Even is this bank is opened again, who in their right mind will take his money there?
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Now Imperial Bank under receivership for 12 months
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