In April last year, Crown Berger moved to redeem the Sh300 Million Commercial paper it had issued, but eight investors have since come forward to claim non-payment.
Investigations revealed that their names were not on the investor register when the paint maker was making the payments.
Later, it was discovered that the sacked former Sales and Marketing Manager of Dry Associate’s had altered the investor register by replacing the particulars of eight investors.
Mr James Dry, the managing director of Dry Associates says in sworn affidavit that upon detecting the fraud, he reported the matter to the regulator hoping that it would conduct investigations and take necessary steps to recover the lost funds.
CMA instructed both Dry Associates and Crown Berger to settle the funds lost by the eight investors, prompting the fund manager to move to court to challenge the directive in addition to the fine that the industry regulator had imposed on the firm.
http://www.businessdaily...1/-/ifuxmaz/-/index.htmlWisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.