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CMA takes over CMC in the interim
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chiaroscuro
#11 Posted : Tuesday, February 07, 2012 12:14:06 PM
Rank: Veteran

Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
Let's not make judgments on the basis of newspaper reports. The full text of the CMA press release if available here: http://www.cma.or.ke/ind...p;id=369&Itemid=100

In it you will read the following:

"...the Board of the Authority informed that it would be engaging further with key shareholders of CMC Holdings Limited to implement the appointment of an interim caretaker board for a period to be determined..."

Clearly, this is quite in order, sio?
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muganda
#12 Posted : Tuesday, February 07, 2012 3:18:20 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
@chiaroscuro, si kweli!

Partiality of CMA in this matter makes their statement of 'engaging further with key shareholders of CMC' more political than the newspaper report.

Mandate granted to CMA in law touches on licensing, supervision, compliance, regulating offers, and public awareness. In my opinion, they cannot abrogate rights of shareholders, or assume dictate of a legal court for that matter.

But heck that's just me - let it unfold.
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2012
#13 Posted : Tuesday, February 07, 2012 3:21:09 PM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Mainat wrote:
CMA loves making a mountain of a molehill.


I don't think so. I think CMA operates under very difficult situations and in a very difficult and corrupt country. Any muscle they can grow, I'll support them.

BBI will solve it :)
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kitisuru
#14 Posted : Wednesday, February 08, 2012 7:38:50 AM
Rank: Hello

Joined: 2/8/2012
Posts: 1

Has anyone had sight of the PWC report ? Are the terms of reference similar to that of the South African firm ?
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QW25091985
#15 Posted : Wednesday, February 08, 2012 7:55:54 AM
Rank: User

Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
2012 wrote:
Mainat wrote:
CMA loves making a mountain of a molehill.


I don't think so. I think CMA operates under very difficult situations and in a very difficult and corrupt country. Any muscle they can grow, I'll support them.



so you think the rot at cmc is a molehill ???
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muganda
#16 Posted : Thursday, February 09, 2012 11:03:26 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Oooooppsss...

1. Regulator changes the tune on CMC board ouster noting appointment of new board has to respect current court decision http://www.businessdailyafrica....1/-/a4tl1iz/-/index.html

2. PWC says it did not compile its audit report according to generally accepted auditing standards, and terms of reference were to focus on Andy's contracts only


Yes, I’d give the Devil benefit of law, for my own safety’s sake. Sir Thomas Moore
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Mainat
#17 Posted : Friday, February 10, 2012 10:41:50 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Glad to see CMA took legal advice. Its simple, unless Muthoka is behind bars for a longtime, CMA will have to sit down with him and the other 2 thugs. Carbacid, Marshals are all good examples
Sehemu ndio nyumba
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