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Kenya Re - what gives?
guru267
#311 Posted : Tuesday, August 12, 2014 1:52:27 PM
Rank: Elder

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
faa
#312 Posted : Tuesday, August 12, 2014 2:10:50 PM
Rank: Member

Joined: 5/8/2007
Posts: 709
From the bdafrica story, its quite clear that KRA was stopped from collecting the said claims,which offcourse doesn't affect .

guru267
#313 Posted : Tuesday, August 12, 2014 2:18:40 PM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
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
VituVingiSana
#314 Posted : Tuesday, August 12, 2014 9:43:29 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
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
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.
littledove
#316 Posted : Monday, August 18, 2014 9:36:36 AM
Rank: Veteran

Joined: 7/1/2014
Posts: 927
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
jawgey
#317 Posted : Monday, August 18, 2014 11:05:07 AM
Rank: Member

Joined: 1/13/2014
Posts: 398
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
VituVingiSana
#318 Posted : Monday, August 18, 2014 11:27:24 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
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
faa
#319 Posted : Monday, August 25, 2014 9:51:17 PM
Rank: Member

Joined: 5/8/2007
Posts: 709
uchumi
#320 Posted : Monday, August 25, 2014 9:54:49 PM
Rank: Member

Joined: 9/16/2006
Posts: 234
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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