wazua Sun, May 3, 2026
Welcome Guest Search | Active Topics | Log In

3 Pages<123>
Wanjiku's banks interest rate suit
Options
Previous Topic · Next Topic
quicksand
#11 Posted : Thursday, June 05, 2014 8:57:22 PM
Rank: Veteran

Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
Gordon Gekko wrote:

Meanwhile the UK have imposed negative interest rates for deposits, yaani ukideposit kwa account yako, bank inachukua pesa.....

http://m.bbc.com/news/business-27717594

You misunderstood sir. The negative rates is for commercial banks parking money in central banks like ECB, not customers to commercial banks.
If the latter happened you would see a mass exodus of cash to other instruments or banks outside the eurozone leading to malaise in European banking.
Back to top
WWW
  | | Edit by user: Thursday, June 05, 2014 9:00 PM | Reason: Not specified
mwekez@ji
#12 Posted : Saturday, June 07, 2014 11:49:51 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Law is an ass!!! ... If such a suit go through ALL kenyan banks will die
Back to top
  |
kyt
#13 Posted : Thursday, June 26, 2014 8:41:09 AM
Rank: Elder

Joined: 11/7/2007
Posts: 2,182
the court now allows other petitioners to join in the case, i am loving this
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
Back to top
  |
Gathige
#14 Posted : Thursday, June 26, 2014 10:32:54 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Let us also not forget that a loan is a contract. When you sign a contract the terms of the contract will bide you,however punitive they may be.I have too borrowed from a bank when the rates were like 24% and i would not like to re-live those painful payments. I learnt my lesson.

I am sure the lawyers will be happy buy wanjiku will undergo the pain a second time. Kama watu wa pyramid schemes are still around and the lossers have died slowly, the law is as ass!
"Things that matter most must never be at the mercy of things that matter least." Goethe
Back to top
  |
Kanjora1
#15 Posted : Thursday, June 26, 2014 10:56:35 AM
Rank: New-farer

Joined: 8/7/2012
Posts: 39
I don't know how this will pan out but let us not forget that banks have a long time held everyone at ransom including including governments all over the world. I am not sure how much banks raked in in illegal charges over the period in question but a similar situation obtained in the UK 2 years ago. In the UK the banks were mis-selling loan and credit card insurance (known as payment protection insurance (PPI))to everyone who took up a loan or credit card with them. PPI is supposed to be optional. Now they're paying back all the premiums of these payments because courts ruled that it was illegal to charge them without the customer's consent. The total payouts were estimated to be over GBP5 billion (~Ksh.750 billion) which the banks have been paying to their customers.
Let's wait and see what happens in the Kenyan case.
Back to top
  |
Impunity
#16 Posted : Thursday, June 26, 2014 11:20:07 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
kyt wrote:
the court now allows other petitioners to join in the case, i am loving this


if @wanjiku wins and I'm not enjoined in the suit do I stand a chance to gain also?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
Back to top
  |
ChumsQuest
#17 Posted : Saturday, June 28, 2014 9:10:14 AM
Rank: Member

Joined: 1/24/2013
Posts: 325
hisah wrote:
Quote:
Mr Kibaki said the adjusted accounts would result in losses or lower profits and the Treasury would be required to refund large sums of corporation taxes paid on the basis of profits earlier declared.


If indeed this goes the class action suit way, the dent on the balance sheets of the banks with a treasury out of sorts will indeed put a huge rod in the econ wheels...

And the chick will not enjoy that payout..this is Kenya...they'll offer her something on the side and she'll step aside. Just my 5 cents..
Back to top
  |
The optimist
#18 Posted : Tuesday, August 19, 2014 7:52:26 PM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
Back to top
  |
maka
#19 Posted : Tuesday, August 19, 2014 9:02:32 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
ChumsQuest wrote:
hisah wrote:
Quote:
Mr Kibaki said the adjusted accounts would result in losses or lower profits and the Treasury would be required to refund large sums of corporation taxes paid on the basis of profits earlier declared.


If indeed this goes the class action suit way, the dent on the balance sheets of the banks with a treasury out of sorts will indeed put a huge rod in the econ wheels...

And the chick will not enjoy that payout..this is Kenya...they'll offer her something on the side and she'll step aside. Just my 5 cents..



My friend there are people who cannot be bought no matter how many zeros you throw at them...
possunt quia posse videntur
Back to top
  |
murchr
#20 Posted : Friday, August 28, 2015 5:28:22 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Businessman Horatius Da Gama Rose has been enjoined in a class action suit in which hundreds of bank clients are seeking compensation for interest rates charged on loans without the Finance minister’s approval.

Justice Francis Gikonyo Thursday enjoined Mr Da Gama Rose to the suit alongside 186 others seeking to prove that their banks charged interest on their accounts without the Finance minister’s approval, which is against Kenya’s banking laws.

The suit was filed by Rose Florence Wanjiru in 2003.

http://www.businessdaily...6/-/axrs6p/-/index.html

12 years.....this is so unfair
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Back to top
  |
3 Pages<123>
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Wazua Investor Theme
Powered by YAF | YAF © 2003-2009, Yet Another Forum.NET
Copyright © 2026 Wazua.co.ke. All Rights Reserved.