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3 Rogue Banks!
Rank: Elder Joined: 9/15/2006 Posts: 3,905
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I'm looking everywhere on Wazua and can't find a thread on the identity of the rogue banks that whipped the KShs to its knees.
Earlier reports said that managers from Barclays, Cooperative, KCB, Equity, and Housing Finance. Couldn't help noting Mr. James Mwangi strongly on the defensive.
MPs report on the saga is due out next week. What's your take of which banks make the final list?
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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I don't know but CFC-STANBIC seems to have been suspended from inter bank forex trade when the shilling was doing it's yo-yoing.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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To what end now? Eih..we need to move on bana coz personally i'm not getting a share of the PSC sitting allowances.
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Rank: Elder Joined: 6/23/2009 Posts: 13,509 Location: nairobi
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coop, family and equity. my basis is that the ceo's of the said firms wr the only ones called in by the committe
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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obiero wrote:coop, family and equity. my basis is that the ceo's of the said firms wr the only ones called in by the committe Wow! No foreigners? Hard to believe this...$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos
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hisah wrote:obiero wrote:coop, family and equity. my basis is that the ceo's of the said firms wr the only ones called in by the committe Wow! No foreigners? Hard to believe this... has to be foreign banks since CBK at some point banned trading forex with overseas banks A bad day fishing is better than a good day at work
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Rank: Member Joined: 7/17/2008 Posts: 152
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The three banks were citi, cfcstanbic and barclays. After CBK audit, its only cfcstanbic which was found guilty and suspended temporarily.
Other bank were also looked at but were not shortlisted for audit. Some of them were co-op bank and equity,but it was discovered that by coincidence most societies had received their dollar payments for coffee sold earlier in the year and hence that was not unusual.
It is worth noting that what the PSC is doing now is useless, just politics. A thorough and serious investigation was done by CBK last year and they closed the matter.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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PSC 'investigations' are just a comedy central time wasting show. Gubberment must look like it's doing something since the hens (wananchi) are mad... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Hello Joined: 8/15/2011 Posts: 4
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hisah wrote:PSC 'investigations' are just a comedy central time wasting show. Gubberment must look like it's doing something since the hens (wananchi) are mad... I totally agree…….PSC z just looking for a scapegoat. I would suggest they spend the resource figuring how to deal with da challenging yr ahead, account of; .Economic meltdown; inflation 20% >>>>>>>>> Volatile Exchange Rates .Global Economic Environment Crisis; European sovereign debt crisis Global warming effects .Trailing effects of financial crisis "All that we see or seem is just but a dream within a dream"
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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hisah wrote:PSC 'investigations' are just a comedy central time wasting show. Gubberment must look like it's doing something since the hens (wananchi) are mad...
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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Does anyone still take these PSCs seriously? They have no moral authority or technical competence to investigate anything!
Do you remember the case of Alvaro? Government Chemist (the technical authority) takes samples and tests them. Finds no alcohol in the drink.
Then the PSC visits EABL to ascertain that aolcohol is not added. They went watched some machines pouring a liquid into bottles and came out saying the are satisfied!
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Rank: Elder Joined: 2/26/2008 Posts: 4,449
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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My question to those who understand this saga is; Was what they did illegal or did they take advantage of a loophole in CBK's policy? If it's illegal, why isn't anyone in court? As it's said, it's illegal to evade tax but not to avoid.
BBI will solve it :)
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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2012 wrote:My question to those who understand this saga is;
Was what they did illegal or did they take advantage of a loophole in CBK's policy? If it's illegal, why isn't anyone in court?
As it's said, it's illegal to evade tax but not to avoid. Are the Lehman brothers owners in jail? Or more recently, is Jon Corzine of MF Global in jail? Or old KE cases, goldenberg, trust bank, trade bank etc... System ya majambazi... The system cant sue itself... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Yup...system ni ya majambazi and life's choices are either being a Victor or Victim 
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Rank: Member Joined: 11/21/2006 Posts: 608 Location: Ruiru
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Our MPigs are unwilling or unable to address such complex issues which requires indepth investigation and research. Probably we need a think tank attached to Parliament to enable it excute its watchdog role effectively. I followed some of the highlights.... it sounded like bar-talk. Especially Shebesh... no substance at all. You need to have your facts right to get any info from likes of Prof Ndungu & James Mwangi "..I am because we are. "― Ubuntu, Umtu,
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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hisah wrote:2012 wrote:My question to those who understand this saga is;
Was what they did illegal or did they take advantage of a loophole in CBK's policy? If it's illegal, why isn't anyone in court?
As it's said, it's illegal to evade tax but not to avoid. Are the Lehman brothers owners in jail? Or more recently, is Jon Corzine of MF Global in jail? Or old KE cases, goldenberg, trust bank, trade bank etc... System ya majambazi... The system cant sue itself... My question was; Is what the said banks did illegal or they exploited a loophole?
BBI will solve it :)
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Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
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2012 wrote:hisah wrote:2012 wrote:My question to those who understand this saga is;
Was what they did illegal or did they take advantage of a loophole in CBK's policy? If it's illegal, why isn't anyone in court?
As it's said, it's illegal to evade tax but not to avoid. Are the Lehman brothers owners in jail? Or more recently, is Jon Corzine of MF Global in jail? Or old KE cases, goldenberg, trust bank, trade bank etc... System ya majambazi... The system cant sue itself... My question was; Is what the said banks did illegal or they exploited a loophole? not illegal...no loophole, the currency is freely floated and is subject to the vagaries of the markets, this comittee is a waste of time
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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kizee1 wrote:2012 wrote:My question was;
Is what the said banks did illegal or they exploited a loophole?
not illegal...no loophole, the currency is freely floated and is subject to the vagaries of the markets, this comittee is a waste of time So what's this hullabaloo all about?
BBI will solve it :)
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Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
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2012 wrote:kizee1 wrote:2012 wrote:My question was;
Is what the said banks did illegal or they exploited a loophole?
not illegal...no loophole, the currency is freely floated and is subject to the vagaries of the markets, this comittee is a waste of time So what's this hullabaloo all about? populist politics really nothing else..the comittee also gets an allowance so guess you can do your own deduction
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