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Uchumi Supermarkets - Kirubi & Co Acquitted
Rank: Member Joined: 8/25/2010 Posts: 283 Location: Nairobi
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what are your expected share price?? www.propertyzote.com the ultimate ‘one stop online shop’ of choice connecting more people with more properties at the click of a button
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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wote wrote:The judge in this case says that uchumi is not a parastatal and as such board members were not accountable to the public'' what a pile of 'KAKA'. In essence the judge is saying that its okay for the board to steal from pulic limited company. Look if this are the kind of judges we have in the country then Kenya is in deep trouble.
First and foremost there was no dispute as to who owns what in the company, otherwise it would have been a civil matter.The case centred on criminal act that was committed by the board. For the so called learned but corrupt judge's information. ICDC and KWAL are majority share holders who happen to be Government. Sounds like the Lehman brothers case, AIG, Bear Sterns and the Freddic Mac and Fannie Mae cases... Get used to it, the corporates own you and run the show 
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Veteran Joined: 7/22/2008 Posts: 1,139
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you don't jail someone who impacts +vly and notably to the economy. "You're not supposed to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who says it". Malcolm X
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Rank: Chief Joined: 1/3/2007 Posts: 18,356 Location: Nairobi
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Burning Spear wrote:you don't jail someone who impacts +vly and notably to the economy. Mwizi...! What +ve? That's typical BS that Kenyans accept or believe! gichuru, okemo, merali, pattni, etc!!! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 10/29/2008 Posts: 1,566
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wote wrote:The judge in this case says that uchumi is not a parastatal and as such board members were not accountable to the public'' what a pile of 'KAKA'. In essence the judge is saying that its okay for the board to steal from pulic limited company. Look if this are the kind of judges we have in the country then Kenya is in deep trouble.
First and foremost there was no dispute as to who owns what in the company, otherwise it would have been a civil matter.The case centred on criminal act that was committed by the board. For the so called learned but corrupt judge's information. ICDC and KWAL are majority share holders who happen to be Government. Judges determine cases on the basis of arguments put forward in court. If the prosecution argued that Kirubi did not follow the procurement procedures as stipulated for public corporations and the defence argues that the charges are defective, then who do you blame. I guess all that Kirubis lawyer was saying is that Kirubi was not bound by the corporations strictures. If or not Kirubi defrauded share holders is a different matter altogether. Isuni yilu yi maa me muyo - ni Mbisuu
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Rank: Veteran Joined: 5/24/2010 Posts: 846 Location: KENYA
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VituVingiSana wrote:Burning Spear wrote:you don't jail someone who impacts +vly and notably to the economy. Mwizi...! What +ve? That's typical BS that Kenyans accept or believe! gichuru, okemo, merali, pattni, etc!!! This is EXACTLY what I have been trying to say. No matter what you do or steal, if you steal enough you will achieve a certain notoriety which will endear you to people like @ burning spear. Thats the way it is. @VVS, Its not a kenyan phenomenon, its worldwide as @hisah put it above...
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Rank: User Joined: 5/3/2011 Posts: 559
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hisah wrote:2012 wrote:The Merchant wrote: Applies elsewhere in the world also, to be fair. Not always. Bernie Madoff got 150yrs, Enron and Martha Steward didn't get away with it but if they were Kenyans they'd be laughing all the way.... But Kenya is special, imagine the pyramid schemes masterminds are still kulaing maisha! Not so fast here @2012. It is no secret that the top 6 banks in the US engaged in the largest foreclosure fraud in US history and none of these banks' owners are behind bars.
Everywhere you look as @Merchant has stated above, the small fish gets cooked when the fraud floor comes apart...
And besides if we use Madoff as an example (a small guy compared to the Wallstreet banksters) to run such a scheme, some lunatics at SEC knew it and did nothing about it despite the numerous whistle-blower tip offs.
The brokers that went down in KE in 2007 & 2008 also had irregularity issues which the CMA knew about, but as usual came in too late to the rescue of the small investor. NSSF has lost a large chunks due to the Disco Security broker scam.
This also reminds me of the ponzi (pyramid) schemes that happened in 2007, CBK flagged them instead of shutting them down immediately...
All these just sound like a Jim Cramer moment...
http://www.youtube.com/w...lY8&feature=related
Wallstreet the other side (43 minutes long) -->
http://www.youtube.com/w...list=PLBAE411093275FC33
Kenyans never stop amazing anyone, do we really have to compare our failures to those of the US and wallstreet but intentionally decide that we are not comparing the US success to our success? Yes US have fail in some avenues which included the credit crisis case but their success overweigh their failures so it is absurd to see a fellow Kenyan trying to justify our constant failures to US occassional failures, atleast they still have a moral commitment to take care of their people, something we do not have, if the kenya of tommorrow will be build by people who, just like our leaders, cannot take responsibility but instead find ways to excuse everything including pointing a figure to a country whose wealth feed and protect its people and Millions around the world, then we're doom.
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Rank: Chief Joined: 1/3/2007 Posts: 18,356 Location: Nairobi
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The Merchant wrote:VituVingiSana wrote:Burning Spear wrote:you don't jail someone who impacts +vly and notably to the economy. Mwizi...! What +ve? That's typical BS that Kenyans accept or believe! gichuru, okemo, merali, pattni, etc!!! This is EXACTLY what I have been trying to say. No matter what you do or steal, if you steal enough you will achieve a certain notoriety which will endear you to people like @ burning spear. Thats the way it is. @VVS, Its not a kenyan phenomenon, its worldwide as @hisah put it above... In Kenya, people are ready to die to protect the 'right to steal'...!!! When I see people praising or calling merali a tycoon, it pisses me off. He was/is the frontman for crooked politicians! Same for pattni. As for gichuru, he was in bed with the worst of them. Then there is moi who Kenyans call mzee & many will still lick his arse! He destroyed our economy in the 1980s & 1990s! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 1/29/2011 Posts: 257
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it is getting quite heated up in here...! "All intelligent investing is value investing -- acquiring more than you are paying for. You must value the business in order to value the stock." - Charlie Munger.
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Rank: Elder Joined: 9/15/2006 Posts: 3,907
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In Kenya, people are mostly 'guilty first' then proven innocent. Look at court findings after prosecutor's valiant efforts:
-- All 15 witnesses said accused persons are not to blame
-- Star witness disagrees 147m sale was undervaluation
-- Two independent valuations at the time adduced showing value of asset at 147m
-- Lastly Kirubi said they sold the asset because business needed funds due to servere financial crisis; and board, shareholders, government were aware
Heck! Kirubi could be a crook, but if I was in a jury of peers and received this evidence, I would acquit the guy...
Come to think of it, most wealthy Kenyans I hear of, are guilty...
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