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The Acorn Saga - Britam vs Cytonn
VituVingiSana
#81 Posted : Tuesday, November 04, 2014 8:53:18 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
We all have to start somewhere otherwise complaining about unethical behavior among politicians is merely useless grandstanding. I am glad that Britam is going to court. Whatever the case, the brand equity that Dande and Company had earned has been debased. Change has to start somewhere. In small doses? That's OK.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Mainat
#82 Posted : Tuesday, November 04, 2014 8:59:31 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
As long as you recognize your hypocrisy or one-eyed view, its all good. All Kenyan.
Sehemu ndio nyumba
Kausha
#83 Posted : Tuesday, November 04, 2014 10:00:11 AM
Rank: Member

Joined: 2/8/2007
Posts: 808
This saga has nothing to do with theft of clients. That I believe Britam would not make Britam throw their toys out of their cot. It's about money allegedly diverted going by the case details. I here there is possibly more that was shipped out. Let's just wait and see. Coulson Hourney and KPMG are two reputable institutions who would not reach such conclusions without tangible evidence.

I am going to pick a bucket of pop corn and a big 2 litre coke because I here Afrosinema continues this week oooh.
muganda
#84 Posted : Tuesday, November 04, 2014 10:51:46 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Kausha wrote:
This saga has nothing to do with theft of clients. That I believe Britam would not make Britam throw their toys out of their cot. It's about money allegedly diverted going by the case details. I here there is possibly more that was shipped out. Let's just wait and see. Coulson Hourney and KPMG are two reputable institutions who would not reach such conclusions without tangible evidence.

I am going to pick a bucket of pop corn and a big 2 litre coke because I here Afrosinema continues this week oooh.


3.2 bn 3.2 bn 3.2bn 3.2bn...

Agreed @Kausha, case is against Acorn Group for fraudulently, irregularly and without authority transferring money belonging to Britam-BAAM through Acorn Group (at Chase Bank) to seven entities (LLP) outside Britam's control; after classifying said amounts as expense rather than investment. Cyton must have been enjoined in the progressing suit.

http://www.businessdailyafrica....18/-/dmpqpd/-/index.html
VituVingiSana
#85 Posted : Tuesday, November 04, 2014 10:55:55 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
A journey of a 1,000 leagues starts with one step. A beautiful lotus can emerge in a cesspool. Let the cesspool be filtered. One drop at a time. Ethics are important for longevity of a firm.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
poundfoolish
#86 Posted : Tuesday, November 04, 2014 11:18:24 AM
Rank: Elder

Joined: 12/2/2009
Posts: 2,458
Location: Nairobi
These are probably two non ethical entities playing their usual game.

It is all a matter of ethics not legalities... Ethics
hisah
#87 Posted : Tuesday, November 04, 2014 12:21:20 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Serious fraud - check
Offshore firms - check
Funds lost - check

I refuse to accept the top management or the board members were not aware of such sizable funds movement.

And things begin to stink like CMC.

#GoldenHandcuffs
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
Realtreaty
#88 Posted : Wednesday, November 05, 2014 12:56:32 AM
Rank: Elder

Joined: 8/16/2011
Posts: 2,386
hisah wrote:
Serious fraud - check
Offshore firms - check
Funds lost - check

I refuse to accept the top management or the board members were not aware of such sizable funds movement.

And things begin to stink like CMC.

#GoldenHandcuffs

smile smile smile They also (Britam) could not believe such fraud had taken place by a team that comprised the Legal secretary. The hve prayed the case be settled out of court but Britam caught the Rats unawares when they first bite the bit and trapped. They (Cytton ) already accepted to pay...meaning they knew they instigated fraud that is criminal as it concerns public equity! d'oh!
hisah
#89 Posted : Wednesday, November 05, 2014 6:13:17 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Realtreaty wrote:
hisah wrote:
Serious fraud - check
Offshore firms - check
Funds lost - check

I refuse to accept the top management or the board members were not aware of such sizable funds movement.

And things begin to stink like CMC.

#GoldenHandcuffs

smile smile smile They also (Britam) could not believe such fraud had taken place by a team that comprised the Legal secretary. The hve prayed the case be settled out of court but Britam caught the Rats unawares when they first bite the bit and trapped. They (Cytton ) already accepted to pay...meaning they knew they instigated fraud that is criminal as it concerns public equity! d'oh!

The reputation of britam is on the line. Mr Market too is not amused with the drama.

The charts warned a few weeks back on the nasty reversal even before the news popped! This counter is heading below 20 coz the fallout means lost business now and forward. Their PR has a full plate to deal with the reputation damage.

A biz nightmare is to be on an acquisition spree then suddenly face serious fraud. Books get out of balance denting all forecast scenarios...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
VituVingiSana
#90 Posted : Wednesday, November 05, 2014 8:07:04 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
Does Britam have to take a write-down or write-off on the 'missing' KES 3.7bn?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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