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Chase Bank loss...another case of cooking the books?
Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Sources zenu kwani huwa ni Kirinyaga road? Sehemu ndio nyumba
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Rank: Elder Joined: 12/6/2008 Posts: 3,548
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watesh wrote:KulaRaha wrote:Seems the Qataris have taken it? I have seen this too on social media...oil money always wins Any oil money coming to Kenya is either headed to garment securities of major infrastructural development most likely along SGR. Qatari has been pushing gava to issue another eurobond, yields in emerging markets Africa are very good, and Kenya as seen provides the most stable environment, they are "hedging" against oil price falls and they are really ready to gamble, second round of bonds coming soon, na zitanunuliwa sana, interest rates will slide down. A New Kenya
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Rank: Veteran Joined: 7/1/2014 Posts: 903 Location: sky
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deleted 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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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Mainat wrote:Sources zenu kwani huwa ni Kirinyaga road?  sources setu ni pulokas If Obiero did it, Who Am I?
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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washiku wrote:Othelo wrote:Obi 1 Kanobi wrote:enyands wrote:Mtafiti wrote:enyands wrote:Everytime I remember issues about auditors takes me back to the days of mumias. These guys saw the rot happening because it was gradual but they loved misreporting.
Either the partners of the auditors were sorted with the by then MD or I don't know man.without mentioning names there is one notorious auditors loved by most crooked firms.
Internal Auditors are supposed to be the eye of the management and the external auditors are supposed to be eye of the shareholders and the public.these guys should be bound by legal oaths like the doctors hypocritical oaths after graduating . Wuuuuuui! Influenza? ICPAK has in the past withdrawn licences from some practising auditing firms due to glaring negligence and any detected collusion. Btw, they also de-register individual accountants and auditors. But it seems this happens for small firms. How do you explain uchumi mwizi called Ciano who after stealing from uchumi was elected as a chairman of icpak and they didn't want to fire him after the story came up? Dude, did you just make that up  As mtafiti says, Ciano was not the Chairman, the current Chairman is Fernandes Barasa, before him was Benson Okundi The dude made a mistake on overall Chair of ICPAK. However Jonathan Ciano was and (i think still is) the chair of the Institute of Certified Public Accountants of Kenya (ICPAK)’s disciplinary committee. The Institute of Certified Public Accountants of Kenya (Icpak) said it had asked Mr Ciano to step aside over allegations raised while he was the chief executive of Uchumi Supermarkets to allow for investigations.http://www.standardmedia...s-accountants-committee
http://www.nation.co.ke/.../-/yuhvscz/-/index.html
Ciano gone finally
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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Too late in making the announcement.The impact is inconsequential.He should be prosecuted and the stolen wealth sold and given to Uchumi to pay suppliers Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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These guy place as if they are kids. If you are going to act be quick and fast. What was the vs waiting for
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Rank: Member Joined: 5/22/2014 Posts: 321 Location: Ndeiya
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Closing the stay when the horse has already bolted? Being proactive rather than reactive is what counts in these modern times.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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So this Ciano dude could not resign as a member and Chair of this ICPAK committee. Kweli Kenyans have serious integrity issues beyond help,  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 5/6/2008 Posts: 199
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Interesting article on the NYT: Fantasy Math Is Helping Companies Spin Losses Into Profits http://nyti.ms/1SzfmXi
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Rank: Member Joined: 9/9/2015 Posts: 233
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Ericsson wrote:Too late in making the announcement.The impact is inconsequential.He should be prosecuted and the stolen wealth sold and given to Uchumi to pay suppliers Feed the eagles, starve the turkeys. Uchumi is also a turkey "Buy when there's blood in the streets, even if the blood is your own."
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Rank: Member Joined: 9/9/2015 Posts: 233
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Na enyewe, the money should be returned to chase. "Buy when there's blood in the streets, even if the blood is your own."
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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This will finally unlock the key KCB has been searching to get a good hold of the SME business. As the days go by and with updates being provided most likely KCB will acquire majority stake in it. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Less than 25% of Chase book is SME, most non-performing. Lets see where this ends up. Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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KulaRaha wrote:Less than 25% of Chase book is SME, most non-performing. Lets see where this ends up. Then the LLP must be high.Kcb under Oigara will turnaround all those NPL to shore up interest income. Towards the goal of financial freedom
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Business Daily has to really step up. The headline and page 4 story on Chase Bank is an embarassment to business journalism. Every CPA Part 1 student knows that you restate prior year numbers when you discover an error that affected the reported figures, do they really know anything they write about? In contrast, Carol Musyoka's opinion on page 9 is well researched, written and absolutely spot on. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Ebenyo wrote:KulaRaha wrote:Less than 25% of Chase book is SME, most non-performing. Lets see where this ends up. Then the LLP must be high.Kcb under Oigara will turnaround all those NPL to shore up interest income. How? If the bulk are unsecured what can KCB do? Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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@KulaRaha Nowadays iko CRB.Try defaulting a loan then your name and details are forwarded there. To clear your name is a hurdle you wouldn't want a repeat Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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KulaRaha wrote:Ebenyo wrote:KulaRaha wrote:Less than 25% of Chase book is SME, most non-performing. Lets see where this ends up. Then the LLP must be high.Kcb under Oigara will turnaround all those NPL to shore up interest income. How? If the bulk are unsecured what can KCB do? Kcb will provide LLP. Towards the goal of financial freedom
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Chase Bank loss...another case of cooking the books?
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