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Co-operative Bank Kenya 2.6bn insider trading scandal
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guru267
#11 Posted : Saturday, December 07, 2013 10:23:19 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
In Kenya we are against the reading culture...

All those screaming ESOP so loudly clearly haven't read the report Sad

Normal ESOP programmes do not have the mentioned irregularities..

There is clearly a huge scandal here that should at least be investigated further!
Mark 12:29
Deuteronomy 4:16
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murchr
#12 Posted : Saturday, December 07, 2013 10:25:59 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
xyzee wrote:
FRM2011 wrote:
Poor Mars group guys; its not called insider trading, its called ESOP. This issue has been raised so many times by so many people questioning how coop bank's top mgt became instant millionaires after the ipo, and the answer has always been the same; ESOP.

The same happened to Equity bank before the listing.


ESOP? If this deal was above board all staff should have been allowed to buy the shares at 100 bob for 100 shares, and not compeled to buy shares at the IPO at 9 bob per share.


Who says staff were'nt allowed? Rem this is not the first time this issue is brought up
"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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Siringi
#13 Posted : Sunday, December 08, 2013 7:38:11 AM
Rank: Elder

Joined: 6/8/2013
Posts: 2,517
With most responses here i understand why Kamlesh is viewed as a hero in some quarters

So someone dares write ESOP in what is black and white theft and conspiracy ? You think us stupid?

You want ESOP look at Total (k) and Safcom

hii ingine ni wizi wizi wizi thievez thieves thieves
"😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
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the deal
#14 Posted : Sunday, December 08, 2013 7:43:57 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Mega fraud...unbelievable the same thiefs are still running the bank...what else are this thiefs hiding? but this is Kenya mega corruption must be a way of life now....look at responses above LMAO.
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murchr
#15 Posted : Sunday, December 08, 2013 8:59:41 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
the deal wrote:
Mega fraud...unbelievable the same thiefs are still running the bank...what else are this thiefs hiding? but this is Kenya mega corruption must be a way of life now....look at responses above LMAO.


Instead of LYAO why dont you explain to these Kenyans how this is "Insider Trading", who these
"thieves" stole from and why the responses here don't make sense. Make sure you furnish us with evidence apart from these "reports" from Mwalimu Mati who thinks everyone is a thief (probably he'd call you one too)

"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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the deal
#16 Posted : Sunday, December 08, 2013 9:29:33 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
murchr wrote:
the deal wrote:
Mega fraud...unbelievable the same thiefs are still running the bank...what else are this thiefs hiding? but this is Kenya mega corruption must be a way of life now....look at responses above LMAO.


Instead of LYAO why dont you explain to these Kenyans how this is "Insider Trading", who these
"thieves" stole from and why the responses here don't make sense. Make sure you furnish us with evidence apart from these "reports" from Mwalimu Mati who thinks everyone is a thief (probably he'd call you one too)


1. By logging in here...I will assume you are literate.

2. So go and read the report...the report is clear on the issues you have raised above...why should I recite something that somebody has already raised?

3. After reading the report...google what an ESOP is? And what is insider trading? You will get your answers.

4. I will ask you again...did you read the report? The english is simple & plain...the evidence is well laid out.

5. I seriously dont understand your argument...I think you are the type who argue for the sake of arguing....rather the word FOOL is appropriate LOL.
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  | | Edit by user: Sunday, December 08, 2013 9:35 AM | Reason: Not specified
obiero
#17 Posted : Sunday, December 08, 2013 10:15:04 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,226
Location: nairobi
when is the report dated
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obiero
#18 Posted : Sunday, December 08, 2013 11:50:53 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,226
Location: nairobi
this could definitely affect share price negatively come tomorrow
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murchr
#19 Posted : Sunday, December 08, 2013 5:22:40 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
the deal wrote:
murchr wrote:
the deal wrote:
Mega fraud...unbelievable the same thiefs are still running the bank...what else are this thiefs hiding? but this is Kenya mega corruption must be a way of life now....look at responses above LMAO.


Instead of LYAO why dont you explain to these Kenyans how this is "Insider Trading", who these
"thieves" stole from and why the responses here don't make sense. Make sure you furnish us with evidence apart from these "reports" from Mwalimu Mati who thinks everyone is a thief (probably he'd call you one too)


1. By logging in here...I will assume you are literate.

2. So go and read the report...the report is clear on the issues you have raised above...why should I recite something that somebody has already raised?

3. After reading the report...google what an ESOP is? And what is insider trading? You will get your answers.

4. I will ask you again...did you read the report? The english is simple & plain...the evidence is well laid out.

5. I seriously dont understand your argument...I think you are the type who argue for the sake of arguing....rather the word FOOL is appropriate LOL.




I may be a FOOL as you call me but am not gullible These IPO happened more than 5 years ago and i know Kenyans are not stupid tho may be I am. In the case of mobitelea (safaricom) Kenyans asked questions. Its clear you are not able to answer my questions and you'd rather engage in insults (just like the most "drunk" man in the market). My friend you have alot to learn about Kenya dont get over excited when yu see reports from Mars group. They do this for a living.
"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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  | | Edit by user: Sunday, December 08, 2013 5:57 PM | Reason: Not specified
FRM2011
#20 Posted : Sunday, December 08, 2013 7:18:20 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
the deal wrote:
murchr wrote:
the deal wrote:
Mega fraud...unbelievable the same thiefs are still running the bank...what else are this thiefs hiding? but this is Kenya mega corruption must be a way of life now....look at responses above LMAO.


Instead of LYAO why dont you explain to these Kenyans how this is "Insider Trading", who these
"thieves" stole from and why the responses here don't make sense. Make sure you furnish us with evidence apart from these "reports" from Mwalimu Mati who thinks everyone is a thief (probably he'd call you one too)


1. By logging in here...I will assume you are literate.

2. So go and read the report...the report is clear on the issues you have raised above...why should I recite something that somebody has already raised?

3. After reading the report...google what an ESOP is? And what is insider trading? You will get your answers.

4. I will ask you again...did you read the report? The english is simple & plain...the evidence is well laid out.

5. I seriously dont understand your argument...I think you are the type who argue for the sake of arguing....rather the word FOOL is appropriate LOL.





@the deal, am assuming this is the first time you are hearing about the supposed irregularities. The issue was raised severally during and after the IPO. Indeed this report seems to have been authored around 2008/2009 period.

The so-called dossier by mars group contains info that was in the
bank's IPO information memorandum. The bank's top mgt was allocated shares in an ESOP program in 2007. Again this info was publicly available before the IPO. Was the decision to give themselves shares before the IPO legal? I don't know but considering the bank was registered as a cooperative society, all they would have needed to do was ammend a by-law.

Was it morally okay ? Now that we can argue until Jesus comes back.
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