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The Acorn Saga - Britam vs Cytonn
premio
#51 Posted : Saturday, November 01, 2014 8:59:09 AM
Rank: Member

Joined: 5/31/2009
Posts: 226
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam
maka
#52 Posted : Saturday, November 01, 2014 9:55:07 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
premio wrote:
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam

key word "without consent"...If it's that way that's totally wrong and actually a criminal offence.Cases get wrapped up pretty fast this days can't last the 4 years you are talking about...
possunt quia posse videntur
mawinder
#53 Posted : Saturday, November 01, 2014 11:15:16 AM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
premio wrote:
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam

I hope the share drops so that I can accumulate some as we wait for any good announcement from Britam!!!!!!!!!!
kryptonite
#54 Posted : Saturday, November 01, 2014 12:07:27 PM
Rank: Member

Joined: 2/1/2010
Posts: 272
Location: Nairobi
sparkly wrote:
VituVingiSana wrote:
Dande-Kiraithe need some powerful godfathers. The Mwangi-Wairegi-Mbaru axis will not rest until these interlopers are punished. Dande should not have bitten the hand that fed him.


Sad that these young guys are being punished for being ambitious and entrepreneural. But that is the nature of corporate warfare. I hope they have some counter they can pull to keep the old men quiet re Kiereini and Njonjo.


@sparkly
Surely you don't believe the young guys are completely innocent on this? Let us see how the case goes, however, prima facie it does look like they got caught with their hands in the cookie jar. The details coming through sound pretty damning.

In the CMC saga, the young axis (Kibe and co) was pretty powerful by itself and had the government of the day on their side. What about Dande-Kiraithe?
The harder you work, the luckier you get
VituVingiSana
#55 Posted : Saturday, November 01, 2014 6:47:10 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
sparkly wrote:
VituVingiSana wrote:
Dande-Kiraithe need some powerful godfathers. The Mwangi-Wairegi-Mbaru axis will not rest until these interlopers are punished. Dande should not have bitten the hand that fed him.


Sad that these young guys are being punished for being ambitious and entrepreneural. But that is the nature of corporate warfare. I hope they have some counter they can pull to keep the old men quiet re Kiereini and Njonjo.
I disagree. I think what Dande & Company did was run their own firm on Britam's time. They should have walked away with a Rolodex + Reputation. Instead they walked away with funds gathered/solicited (not stolen) on Britam's dime. Fundraising requires time, money, reputation and patience. Even worse, they found the bride, negotiated the brideprice and then they eloped with Britam's bride. And the brideprice. And then rubbed it in Britam's face.

Others like David Owino [formerly of Centum] is doing his own thing but not with a Centum project.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#56 Posted : Saturday, November 01, 2014 6:50:37 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
maka wrote:
premio wrote:
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam

key word "without consent"...If it's that way that's totally wrong and actually a criminal offence.Cases get wrapped up pretty fast this days can't last the 4 years you are talking about...
What are you smoking? Cases are still taking ages to get resolved. The enthusiasm in the judiciary is gone. Now it is all about in-fighting and delays. Cases are getting postponed, the courts start late, dates are being given 2 months from application. And that's not to hear the case but just to get a hearing date!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#57 Posted : Saturday, November 01, 2014 6:56:04 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
maka wrote:
premio wrote:
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam

key word "without consent"...If it's that way that's totally wrong and actually a criminal offence.Cases get wrapped up pretty fast this days can't last the 4 years you are talking about...
What are you smoking? Cases are still taking ages to get resolved. The enthusiasm in the judiciary is gone. Now it is all about in-fighting and delays. Cases are getting postponed, the courts start late, dates are being given 2 months from application. And that's not to hear the case but just to get a hearing date!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
newfarer
#58 Posted : Saturday, November 01, 2014 7:32:24 PM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
cyton was trying to build on another persons foundation. it back fired
punda amecheka
Realtreaty
#59 Posted : Sunday, November 02, 2014 12:28:43 PM
Rank: Elder

Joined: 8/16/2011
Posts: 2,386
VituVingiSana wrote:
maka wrote:
premio wrote:
Sm1 make me understand i guess the 4 ex-employees are being accussed of transferring the Money that was in BAAM control to funds accounts in Acorn control without consent from BAAM not criminally stealing the funds for own use is that right. Britam is just hitting back here for the loss of the Acorn deal u want to tell me BAAM can loose 3.9b in july and only notice in november i see a wounded lion here.
We know very well with restraining orders and the courts issued and possibility of case dragging in 4 years investors will not want to loose out and will go to baam begging them to withdrawal the case and of course with a promise that they sign up with baam

key word "without consent"...If it's that way that's totally wrong and actually a criminal offence.Cases get wrapped up pretty fast this days can't last the 4 years you are talking about...
What are you smoking? Cases are still taking ages to get resolved. The enthusiasm in the judiciary is gone. Now it is all about in-fighting and delays. Cases are getting postponed, the courts start late, dates are being given 2 months from application. And that's not to hear the case but just to get a hearing date!

d'oh! d'oh! That in financial parlance is called Fraud and should be taken seriously by financial organisations and other affiliated groups like ACCK, Central Bank, NSE, CMA(to protect shareholders equity)
The penalty should be to repay the money with interest and loose certificate to operate Cytonn for a period not lower than 2 years plus pay a fine as a detterent.
Realtreaty
#60 Posted : Sunday, November 02, 2014 12:40:38 PM
Rank: Elder

Joined: 8/16/2011
Posts: 2,386
Realtreaty wrote:
Britam runs after cytton to get what was taken from it. The best thing is that it will now punish Cytton like a mother caning a naughty son
This is what we call thieving or fraud. This is a case that would teach Cytton a lesson as CBK, CMA, Anti- corruption commission will get involved to solve and punish corporate fraud.Fraud because shareholders equity was endangered and lack corporate ethics Sad

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