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Kenya Re - what gives?
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Kastone
#301 Posted : Friday, August 08, 2014 12:01:23 PM
Rank: New-farer


Joined: 3/1/2014
Posts: 82
Akenyan2014 wrote:
VituVingiSana wrote:
mlennyma wrote:
Never celebrate a company where the gvt has huge shares in their store.
Agreed! KPLC, KenGen, KQ... Anything with "Kenya" ...


Kenya Commercial Bank?


Key word huge Goct on KCB is around 18%. It reduced its stake significantly and now you can see where it's heading. Govt. is never there to make profits, but provide service so shareholders sio priority
“The beauty of success is that it doesn’t matter how many times you have failed, you only have to be right once and then everyone can tell you how lucky you are.” - Mark Cuban
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VituVingiSana
#302 Posted : Friday, August 08, 2014 12:32:38 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
Kastone wrote:
Akenyan2014 wrote:
VituVingiSana wrote:
mlennyma wrote:
Never celebrate a company where the gvt has huge shares in their store.
Agreed! KPLC, KenGen, KQ... Anything with "Kenya" ...


Kenya Commercial Bank?


Key word huge Goct on KCB is around 18%. It reduced its stake significantly and now you can see where it's heading. Govt. is never there to make profits, but provide service so shareholders sio priority
Note that it is now portrayed as KCB not Kenya Commercial Bank... and as @Kastone notes, the start of KCB's progress started when GoK become a 'normal' shareholder. With only 18%, it can be outvoted by the other 9 largest shareholders.

Where I sort of disagree with @Kastone is when GoK has a large(r) shareholding, it is not used in the service of all Kenyans but some Kenyans. Who remembers the bad loans that KCB gave politicians under Michuki? Same with NBK.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Kastone
#303 Posted : Friday, August 08, 2014 4:21:53 PM
Rank: New-farer


Joined: 3/1/2014
Posts: 82
VituVingiSana wrote:
Kastone wrote:
Akenyan2014 wrote:
VituVingiSana wrote:
mlennyma wrote:
Never celebrate a company where the gvt has huge shares in their store.
Agreed! KPLC, KenGen, KQ... Anything with "Kenya" ...


Kenya Commercial Bank?


Key word huge Goct on KCB is around 18%. It reduced its stake significantly and now you can see where it's heading. Govt. is never there to make profits, but provide service so shareholders sio priority
Note that it is now portrayed as KCB not Kenya Commercial Bank... and as @Kastone notes, the start of KCB's progress started when GoK become a 'normal' shareholder. With only 18%, it can be outvoted by the other 9 largest shareholders.

Where I sort of disagree with @Kastone is when GoK has a large(r) shareholding, it is not used in the service of all Kenyans but some Kenyans. Who remembers the bad loans that KCB gave politicians under Michuki? Same with NBK.


Ideally, that should be the case but the reality is different. KCB has really come a long way
“The beauty of success is that it doesn’t matter how many times you have failed, you only have to be right once and then everyone can tell you how lucky you are.” - Mark Cuban
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heri
#304 Posted : Tuesday, August 12, 2014 10:25:51 AM
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Bad news for this counter that is already going down

KRA wants sh 1.2B in unpaid taxes
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jawgey
#305 Posted : Tuesday, August 12, 2014 10:44:36 AM
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Joined: 1/13/2014
Posts: 386
Location: Denmark
heri wrote:
Bad news for this counter that is already going down

KRA wants sh 1.2B in unpaid taxes


Talk of the government always spoiling the party Sad
Seeing is believing
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madebe
#306 Posted : Tuesday, August 12, 2014 11:50:55 AM
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Please quote the source of the story KRA demands 1.2 B
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faa
#307 Posted : Tuesday, August 12, 2014 11:55:24 AM
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Posts: 709
The story isnt so far validated,also 1.2 billion wouldn't affect Kenya RE-

There is also no bad thing with KRA demanding Tax from KEnya Re income...
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heri
#308 Posted : Tuesday, August 12, 2014 11:55:42 AM
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madebe
#309 Posted : Tuesday, August 12, 2014 12:09:40 PM
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Joined: 10/7/2010
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Location: nairobi
Thanks. unfortunately all the companies in the NSE will face this challenge of KRA demanding unpaid tax, rightly or wrongly. Keroche was the first company to be targetted but they won the court case.........
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sparkly
#310 Posted : Tuesday, August 12, 2014 1:36:26 PM
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Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
faa wrote:
The story isnt so far validated,also 1.2 billion wouldn't affect Kenya RE-

There is also no bad thing with KRA demanding Tax from KEnya Re income...


What do you mean KShs 1.2B will not affect Kenya Re?

ION the results are expected to be poor, the stock has started a strong downward trend.
Life is short. Live passionately.
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guru267
#311 Posted : Tuesday, August 12, 2014 1:52:27 PM
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Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
sparkly wrote:
ION the results are expected to be poor, the stock has started a strong downward trend.


Here I agree.

They are unlikely to match last year's results due to claims
Mark 12:29
Deuteronomy 4:16
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faa
#312 Posted : Tuesday, August 12, 2014 2:10:50 PM
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From the bdafrica story, its quite clear that KRA was stopped from collecting the said claims,which offcourse doesn't affect .
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guru267
#313 Posted : Tuesday, August 12, 2014 2:18:40 PM
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faa wrote:
From the bdafrica story, its quite clear that KRA was stopped from collecting the said claims,which offcourse doesn't affect .



And what if Kenya RE ends up losing the case?
Mark 12:29
Deuteronomy 4:16
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VituVingiSana
#314 Posted : Tuesday, August 12, 2014 9:43:29 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
KRA has been making blanket claims from many firms then tries to 'blackmail' them into a settlement.

KRA vs Keroche - Keroche won. I am not sure if KRA tried to get the judgment overturned by appealing.
http://www.the-star.co.k...-kra-demand-tax-arrears
http://www.theconmag.co....6/23/kenyas-beer-queen/

KRA vs Bidco - Bidco went to court for relief. I think it is still being litigated.
http://www.standardmedia...dered-to-pay-kra-sh1-3b

There are many cases which go unhighlighted. The goal of KRA employees is to threaten 'closure' as well as freezing bank accounts so that the firm suffers irreparable damage unless they cough up money.

Some e.g. Keroche and Bidco decide to fight it out. Some with fewer resources and connections just settle.

Kenya Re needs to battle this out.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Akenyan2014
#315 Posted : Wednesday, August 13, 2014 2:30:11 AM
Rank: Member


Joined: 5/6/2014
Posts: 268
Location: Nairobi, Kenya
VituVingiSana wrote:
KRA has been making blanket claims from many firms then tries to 'blackmail' them into a settlement.

KRA vs Keroche - Keroche won. I am not sure if KRA tried to get the judgment overturned by appealing.
http://www.the-star.co.k...-kra-demand-tax-arrears
http://www.theconmag.co....6/23/kenyas-beer-queen/

KRA vs Bidco - Bidco went to court for relief. I think it is still being litigated.
http://www.standardmedia...dered-to-pay-kra-sh1-3b

There are many cases which go unhighlighted. The goal of KRA employees is to threaten 'closure' as well as freezing bank accounts so that the firm suffers irreparable damage unless they cough up money.

Some e.g. Keroche and Bidco decide to fight it out. Some with fewer resources and connections just settle.

Kenya Re needs to battle this out.


Of course KNRE will fight out and most likely win eventually. While that is happening the counter will get a small beating, maybe less in magnitude than when we had JKIA fire and Westgate compensation fears.
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littledove
#316 Posted : Monday, August 18, 2014 9:36:36 AM
Rank: Veteran


Joined: 7/1/2014
Posts: 903
Location: sky
VituVingiSana wrote:
KRA has been making blanket claims from many firms then tries to 'blackmail' them into a settlement.

KRA vs Keroche - Keroche won. I am not sure if KRA tried to get the judgment overturned by appealing.
http://www.the-star.co.k...-kra-demand-tax-arrears
http://www.theconmag.co....6/23/kenyas-beer-queen/

KRA vs Bidco - Bidco went to court for relief. I think it is still being litigated.
http://www.standardmedia...dered-to-pay-kra-sh1-3b

There are many cases which go unhighlighted. The goal of KRA employees is to threaten 'closure' as well as freezing bank accounts so that the firm suffers irreparable damage unless they cough up money.

Some e.g. Keroche and Bidco decide to fight it out. Some with fewer resources and connections just settle.

Kenya Re needs to battle this out.

and now kings way want a refund of more than 2b they were blackmailed to pay back in 2002 (business daily)
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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jawgey
#317 Posted : Monday, August 18, 2014 11:05:07 AM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
littledove wrote:
VituVingiSana wrote:
KRA has been making blanket claims from many firms then tries to 'blackmail' them into a settlement.

KRA vs Keroche - Keroche won. I am not sure if KRA tried to get the judgment overturned by appealing.
http://www.the-star.co.k...-kra-demand-tax-arrears
http://www.theconmag.co....6/23/kenyas-beer-queen/

KRA vs Bidco - Bidco went to court for relief. I think it is still being litigated.
http://www.standardmedia...dered-to-pay-kra-sh1-3b

There are many cases which go unhighlighted. The goal of KRA employees is to threaten 'closure' as well as freezing bank accounts so that the firm suffers irreparable damage unless they cough up money.

Some e.g. Keroche and Bidco decide to fight it out. Some with fewer resources and connections just settle.

Kenya Re needs to battle this out.

and now kings way want a refund of more than 2b they were blackmailed to pay back in 2002 (business daily)


Kingsway never paid the 2.4b.. link
Seeing is believing
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VituVingiSana
#318 Posted : Monday, August 18, 2014 11:27:24 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,120
Location: Nairobi
jawgey wrote:
littledove wrote:
VituVingiSana wrote:
KRA has been making blanket claims from many firms then tries to 'blackmail' them into a settlement.

KRA vs Keroche - Keroche won. I am not sure if KRA tried to get the judgment overturned by appealing.
http://www.the-star.co.k...-kra-demand-tax-arrears
http://www.theconmag.co....6/23/kenyas-beer-queen/

KRA vs Bidco - Bidco went to court for relief. I think it is still being litigated.
http://www.standardmedia...dered-to-pay-kra-sh1-3b

There are many cases which go unhighlighted. The goal of KRA employees is to threaten 'closure' as well as freezing bank accounts so that the firm suffers irreparable damage unless they cough up money.

Some e.g. Keroche and Bidco decide to fight it out. Some with fewer resources and connections just settle.

Kenya Re needs to battle this out.

and now kings way want a refund of more than 2b they were blackmailed to pay back in 2002 (business daily)


Kingsway never paid the 2.4b.. link
Kingsway is being told to pay KES 2.4bn or have their assets seized. That's a reason not to have just one bank account or a single source of income or assets. I am not sure what Kenya Re can do but appeal. It would be silly of KRA to freeze KenRe's account which would devastate its business which relies on making timely re-insurance premiums and payments to its fellow re-insurers and clients.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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faa
#319 Posted : Monday, August 25, 2014 9:51:17 PM
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Joined: 5/8/2007
Posts: 709
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uchumi
#320 Posted : Monday, August 25, 2014 9:54:49 PM
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Joined: 9/16/2006
Posts: 229
Good move which will lead to more revenue hence a rise in the share price
“I don’t regret the things I’ve done, I regret the things I didn’t do when I had the chance.”
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