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CMC MOTORS Boardroom Wars
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ventura
#231 Posted : Monday, March 12, 2012 2:37:14 PM
Rank: New-farer

Joined: 8/25/2011
Posts: 26
Location: hull
I am glad I did not take my brokers advice, and bought C &G rather than CMC. C&G maybe smaller, but very good profitability, and solid balance sheet - in time this company will become one of Kenya's top companies.
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VituVingiSana
#232 Posted : Monday, March 12, 2012 3:16:24 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
muganda wrote:
@VituVingiSana: Webber Wentzel, the South African audit firm:
Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.

Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.

http://www.businessdailyafrica....2/-/2ou78pz/-/index.html

VituVingiSana wrote:
Lolest! wrote:
Lay is not clean either. His exit from GM was hastened by a few questionable deals.

Proof? Or give us more details...


I am confused. You said "His exit from GM was hastened by a few questionable deals" so where is the so-called scam at GM referenced?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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FundamentAli
#233 Posted : Monday, March 12, 2012 5:25:41 PM
Rank: Veteran

Joined: 11/4/2008
Posts: 1,289
Location: Nairobi
muganda wrote:
@VituVingiSana: Webber Wentzel, the South African audit firm:
Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.

Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.

http://www.businessdailyafrica....2/-/2ou78pz/-/index.html


Try selling this to anyone. Let us say this, an expectant mother goes to hospital to deliver, the baby unfortunately is still born. Do you know the peadetrician still receives their money. Imagine telling a broker that he will not earn a commission because you are making a loss on a share transaction.
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  | | Edit by moderator: Monday, March 12, 2012 6:23 PM | Reason: quote tags
FUNKY
#234 Posted : Tuesday, March 13, 2012 9:56:35 AM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
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Jamani
#235 Posted : Tuesday, March 13, 2012 10:08:21 AM
Rank: Elder

Joined: 9/12/2006
Posts: 1,554
VituVingiSana wrote:
muganda wrote:
@VituVingiSana: Webber Wentzel, the South African audit firm:
Audit report shows that Pewin Motors, the sales agent whose contract Mr Lay signed on his first day in office has received millions of shillings in irregular payments.

Pewin Motors’ contract is “onerous on CMC” and “flawed” as it should have been drafted to exclude the payment of commission on loss making sales.

http://www.businessdailyafrica....2/-/2ou78pz/-/index.html

VituVingiSana wrote:
Lolest! wrote:
Lay is not clean either. His exit from GM was hastened by a few questionable deals.

Proof? Or give us more details...


I am confused. You said "His exit from GM was hastened by a few questionable deals" so where is the so-called scam at GM referenced?


@mugunda, am also confused.....any link/credible reference to his exit from GM with questionable deals?
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muganda
#236 Posted : Tuesday, March 13, 2012 12:01:17 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Okay CMC in the news 2 days in a row. Muthoka is out for now http://www.businessdailyafrica....46/-/rfki63/-/index.html in board room coup.


Sorry @VituVingiSana @FundamentAli @Jamani for the confusion. It was @Lolest! who mentioned the issue of Lay's exit from General Motors - I don't know about that.

My link only pointed out that Lay is implicated by the CMC audit report which cites irregular payments that have taken place to Perwin, sales agent he appointed on day 1. The irregular payments being separate from the other comments the audit report made as to the 'flawed' nature of the same contract.
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Aguytrying
#237 Posted : Tuesday, March 13, 2012 2:23:40 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
muganda wrote:
Okay CMC in the news 2 days in a row. Muthoka is out for now http://www.businessdailyafrica....46/-/rfki63/-/index.html in board room coup.


Sorry @VituVingiSana @FundamentAli @Jamani for the confusion. It was @Lolest! who mentioned the issue of Lay's exit from General Motors - I don't know about that.

My link only pointed out that Lay is implicated by the CMC audit report which cites irregular payments that have taken place to Perwin, sales agent he appointed on day 1. The irregular payments being separate from the other comments the audit report made as to the 'flawed' nature of the same contract.



He looks like an aged version of Tupac
The investor's chief problem - and even his worst enemy - is likely to be himself
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Njung'e
#238 Posted : Wednesday, March 14, 2012 11:16:56 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
http://www.businessdaily...0/-/x1eq9s/-/index.html

Hmmmmmm!!


Nothing great was ever achieved without enthusiasm.
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dunkang
#239 Posted : Friday, March 16, 2012 3:30:54 PM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
And the movie continue;

http://www.businessdaily...2/-/lwlht0/-/index.html

and

http://nairobitech.blogs...cmc-battle-muthoka.html

What lessons have you learnt from this CMC so far, as an investor/speculator at NSE?

1. KCB's Super profits/dividends will come to haunt shareholders!
2. ......

Receive with simplicity everything that happens to you.” ― Rashi

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FUNKY
#240 Posted : Friday, March 16, 2012 3:42:41 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
A big shame to DELOITTE...their directors should resign immediately.
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