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CMA probes more brokers in bonds theft scam
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youcan'tstopusnow
#11 Posted : Wednesday, May 22, 2013 10:36:47 PM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Museveni wrote:
youcan'tstopusnow wrote:
What a stinker!


The 'extended' list ama?


This whole issue.
GOD BLESS YOUR LIFE
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mwekez@ji
#12 Posted : Wednesday, May 22, 2013 10:55:33 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
battle royal >>> CBK hits back at Mweni over bonds theft case >>> http://www.businessdailyafrica....4/-/d1er4lz/-/index.html
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Museveni
#13 Posted : Thursday, May 23, 2013 1:58:46 PM
Rank: Member

Joined: 8/16/2012
Posts: 661
mwekez@ji wrote:
battle royal >>> CBK hits back at Mweni over bonds theft case >>> http://www.businessdailyafrica....4/-/d1er4lz/-/index.html


Quote:
In an affidavit filed at the High Court, the banking sector regulator has applied to be enjoined in a case in which a blacklisted bonds trader, Fred Mweni, has claimed that CBK staff connived with stockbrokers and investment bankers to steal the government securities.



Quote:
CMA claims that Mr Mweni handled three fake treasury bonds worth Sh18.5 million, Sh9.5 million and Sh11.5 million. But Mr Mweni, in his latest affidavit, says the scam is more elaborate and involved more firms, adding that CMA discriminated against him when it suspended him and left out other brokers and investors involved in the scam.


Quote:
Responding to the allegations, CMA said that it was investigating more firms regarding the scandal without giving further details on the value and extent of the investigations.


Quote:
CBK contends that Mr Mweni’s allegation that several investors were affected by the bank’s own “infidelity and impropriety are ‘grievous allegations’.”


This one is not 'going away' soon.

Needs to be resolved soon..

Otherwise . . . *tereng *tereng
Live and learn; and don’t forget, nothing ventured, nothing gained.
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  | | Edit by user: Thursday, May 23, 2013 1:59 PM | Reason: Not specified
Modoh
#14 Posted : Wednesday, August 21, 2013 2:41:26 PM
Rank: Member

Joined: 12/9/2008
Posts: 43
@ Museveni.....would kindly explain to me
1. What exactly Mweni did,
2. The crime in it
3. CBK's role in it

I have read the articles but i dont seem to be getting it. I hv never dealt in bonds or t-bills before.Please paint a picture of the situation for my understanding
Pray Pray d'oh! d'oh!
Msafara wa mamba burukenge hawakosi![/b]
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Museveni
#15 Posted : Wednesday, August 21, 2013 3:03:49 PM
Rank: Member

Joined: 8/16/2012
Posts: 661
Modoh wrote:
@ Museveni.....would kindly explain to me
1. What exactly Mweni did,
2. The crime in it
3. CBK's role in it

I have read the articles but i dont seem to be getting it. I hv never dealt in bonds or t-bills before.Please paint a picture of the situation for my understanding
Pray Pray d'oh! d'oh!


Quote:
......“The sum total in respect to which the Central Bank lays claim as to questioned bonds created by itself or internally by its staff unprocedurally and sold to the market is about Sh2.6 billion,” says Mr Mweni.....


Picture a hypothetical scenario reminiscent of the Kethi vs IEBC registration.

Mweni accused of dealing with the Bonds which did or did not originate from the CBK [ see bold statement ].

Hope this clears the 'picture' for you.

cc the GURUS
Live and learn; and don’t forget, nothing ventured, nothing gained.
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  | | Edit by user: Wednesday, August 21, 2013 3:06 PM | Reason: Not specified
Modoh
#16 Posted : Wednesday, August 21, 2013 4:25:45 PM
Rank: Member

Joined: 12/9/2008
Posts: 43
Museveni wrote:
Modoh wrote:
@ Museveni.....would kindly explain to me
1. What exactly Mweni did,
2. The crime in it
3. CBK's role in it

I have read the articles but i dont seem to be getting it. I hv never dealt in bonds or t-bills before.Please paint a picture of the situation for my understanding
Pray Pray d'oh! d'oh!


Quote:
......“The sum total in respect to which the Central Bank lays claim as to questioned bonds created by itself or internally by its staff unprocedurally and sold to the market is about Sh2.6 billion,” says Mr Mweni.....


Picture a hypothetical scenario reminiscent of the Kethi vs IEBC registration.

Mweni accused of dealing with the Bonds which did or did not originate from the CBK [ see bold statement ].

Hope this clears the 'picture' for you.

cc the GURUS



:d/ we r on the same page and the picture is now clear(Kethi's case did the trick)
Msafara wa mamba burukenge hawakosi![/b]
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anika66
#17 Posted : Wednesday, August 21, 2013 4:45:59 PM
Rank: Member

Joined: 2/25/2010
Posts: 158
maka wrote:
Kausha wrote:
Me thinks waste of time investigeshen! First our honorable judges are certain to understand the mechanics of the bonds let alone bond market and sell by backs ditto Kafande and wakilis.

Unless mweni is being court marshalled at wazua or at floor of the NSE I am certain this is bloody waste of time and resources case! Time will tell

I disagree there are some judges who are experst in matters financial you will be shocked and many wakilis too,the Kenyan Bond market is so easy to understand even a form four drop out can quickly be in the know...


I dont think many judges and prosecutors understand much about numbers. I can confirm that when a prosecutor (wakili wa serikali) receives an investigation file containing financial statement, they just flip through it and trust that the investigator knew that he is talking about! I am speaking from experience. First if all, the kind of accounts taught at law school for lawyers is only basic, how to maintain accounts in the office. Most lawyers employ clerks to keep their office accounts and the nearest they come to practice the accounting they learnt in law school is when they sign checks for money to be withdrawn by their secretaries. For these kind of prosecutions to succeed we need specialization by the bench as well as the prosecutors. A basic qualification as fraud examiners should be the basic requirement for those among them who want to specialize in finance related cases. In the alternative, an astute prosecutor should get some expert testimony from the Wazuan's who know about the financial markets and who can help the court to understand it better. Otherwise this may end up like the Uchumi case where it was declared that there is no law against insider trading!
Keeping it all in the family
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Scubidu
#18 Posted : Sunday, September 01, 2013 11:16:04 AM
Rank: Veteran

Joined: 9/4/2009
Posts: 700
Location: Nairobi
‘Billions lost’ in Central Bank of Kenya stock theft

CMA has disqualified Mweni, Muregi, Weru and Wambugu from being directors of any listed company or working for “a licensed or approved person” for a period of 15 years. This covers stockbrokers, dealers, investment banks, investment advisers, venture capital firms, credit rating agencies, collective investments and the like. Masha got a ten-year ban while Muchiri is locked out for seven years. Profits from some of the bond deals that got them in trouble will be surrendered and paid to the CMA Investor Compensation Fund account.

Read more:

http://www.standardmedia...-lost-in-cbk-stock-theft
“We are the middle children of history man, no purpose or place. We have no great war, no great depression. Our great war is a spiritual war, our great depression is our lives!" – Tyler Durden
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Museveni
#19 Posted : Monday, September 02, 2013 10:38:08 AM
Rank: Member

Joined: 8/16/2012
Posts: 661
Scubidu wrote:
‘Billions lost’ in Central Bank of Kenya stock theft

CMA has disqualified Mweni, Muregi, Weru and Wambugu from being directors of any listed company or working for “a licensed or approved person” for a period of 15 years. This covers stockbrokers, dealers, investment banks, investment advisers, venture capital firms, credit rating agencies, collective investments and the like. Masha got a ten-year ban while Muchiri is locked out for seven years. Profits from some of the bond deals that got them in trouble will be surrendered and paid to the CMA Investor Compensation Fund account.

Read more:

http://www.standardmedia.co.ke/mobile/?articleID=2000092368&story_title=billions-lost-in-cbk-stock-theft


Where is BD on this story ?
Live and learn; and don’t forget, nothing ventured, nothing gained.
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  | | Edit by user: Monday, September 02, 2013 12:18 PM | Reason: Not specified
Kausha
#20 Posted : Monday, September 02, 2013 11:53:15 AM
Rank: Member

Joined: 2/8/2007
Posts: 808
This is an old story.....bonds and confirmed were 2.8B. Mweni swore an affidavit to this effect but latter withdrew it....wonder why? This matter will die a natural death. There is no way people will be allowed to peer into the details of how this bonds were created....ICT and digital times I tell you!
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