wazua Thu, Mar 19, 2026
Welcome Guest Search | Active Topics | Log In

18 Pages«<89101112>»
The Acorn Saga - Britam vs Cytonn
Options
Previous Topic · Next Topic
maka
#91 Posted : Wednesday, November 05, 2014 9:25:52 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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

A couple of people here say it's not fraud...
possunt quia posse videntur
Back to top
  |
kryptonite
#92 Posted : Wednesday, November 05, 2014 10:49:30 AM
Rank: Member

Joined: 2/1/2010
Posts: 272
Location: Nairobi
maka 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

A couple of people here say it's not fraud...



Yet others say, yes, it's fraud but so what…It's the 'Kenyan Way', Britam should suck it up na wakubali matokeo
The harder you work, the luckier you get
Back to top
  |
hisah
#93 Posted : Wednesday, November 05, 2014 2:57:53 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Intraday low of 23 prints...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
Back to top
  |
Gatheuzi
#94 Posted : Thursday, November 06, 2014 8:04:59 AM
Rank: Veteran

Joined: 8/16/2009
Posts: 994
VituVingiSana wrote:
Does Britam have to take a write-down or write-off on the 'missing' KES 3.7bn?


The loss per share will translate to Sh3.9b/1.9b shares = Sh2.05 per share. If the assets cannot be recovered by the time the accounts are closed in Dec then the loss may have to be booked. A write back can be done in subsequent periods if there is a recovery.

According to BD;

“I discovered that the respondents had in their instructions to the administrator fraudulently passed the payment of Sh1.16 billion as being on account of expenses, yet they had signed a schedule indicating that the payment was an approved investment by the BREF Investment Committee,” said Jude Anyiko, acting CEO of BAAM, in court papers.

It seems of 3.9b, 1.16b has already been booked as an expense.

Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
Back to top
  |
VituVingiSana
#95 Posted : Thursday, November 06, 2014 8:18:28 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
Gatheuzi wrote:
VituVingiSana wrote:
Does Britam have to take a write-down or write-off on the 'missing' KES 3.7bn?


The loss per share will translate to Sh3.9b/1.9b shares = Sh2.05 per share. If the assets cannot be recovered by the time the accounts are closed in Dec then the loss may have to be booked. A write back can be done in subsequent periods if there is a recovery.

According to BD;

“I discovered that the respondents had in their instructions to the administrator fraudulently passed the payment of Sh1.16 billion as being on account of expenses, yet they had signed a schedule indicating that the payment was an approved investment by the BREF Investment Committee,” said Jude Anyiko, acting CEO of BAAM, in court papers.

It seems of 3.9b, 1.16b has already been booked as an expense.


Those sort of expenses are often capitalized when considered as part of a project. It is a "Capital Expense" e.g. architectural renderings, etc that add value to a building. So the 'expense' may be offset by an asset.

If the 1.16bn or 3.7bn has NOT been capitalized [& how can it be when the asset is no longer in BAAM's name or control] then the 'expense' goes straight to the bottomline i.e. P&L.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Back to top
  |
hisah
#96 Posted : Thursday, November 06, 2014 12:19:56 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
VituVingiSana wrote:
Gatheuzi wrote:
VituVingiSana wrote:
Does Britam have to take a write-down or write-off on the 'missing' KES 3.7bn?


The loss per share will translate to Sh3.9b/1.9b shares = Sh2.05 per share. If the assets cannot be recovered by the time the accounts are closed in Dec then the loss may have to be booked. A write back can be done in subsequent periods if there is a recovery.

According to BD;

“I discovered that the respondents had in their instructions to the administrator fraudulently passed the payment of Sh1.16 billion as being on account of expenses, yet they had signed a schedule indicating that the payment was an approved investment by the BREF Investment Committee,” said Jude Anyiko, acting CEO of BAAM, in court papers.

It seems of 3.9b, 1.16b has already been booked as an expense.


Those sort of expenses are often capitalized when considered as part of a project. It is a "Capital Expense" e.g. architectural renderings, etc that add value to a building. So the 'expense' may be offset by an asset.

If the 1.16bn or 3.7bn has NOT been capitalized [& how can it be when the asset is no longer in BAAM's name or control] then the 'expense' goes straight to the bottomline i.e. P&L.

Exactly... And should the market become red in 2015, more equity income losses will compound the hole created by the fraud in the P&L.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
Back to top
  |
mkonomtupu
#97 Posted : Friday, November 07, 2014 2:14:14 PM
Rank: Veteran

Joined: 2/10/2010
Posts: 1,001
Location: River Road
Quote:
Danish ship fuel supplier OW Bunker said it may go bankrupt after discovering fraud by unnamed senior employees in its Singapore-based subsidiary and that investors need to assume that the company's equity has been wiped out.

Read more: http://www.dailymail.co....raud.html#ixzz3INcqJJqh
Follow us: @MailOnline on Twitter | DailyMail on Facebook


This is what happens when you do not pay attention to risk management. This Danish IPO went off the cliff-Nithi buses
Back to top
  |
hisah
#98 Posted : Friday, November 07, 2014 2:52:25 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Still silence from CMA.

Still silence from Britam PR.

Investigative biz journos in KE, a big dead lot d'oh!

What I expect from Britam PR, an explanation of whether the funds lots were commingled.

What I expect from CMA, to find out if Britam was commingling funds.

If Britam commingled/commingles funds, this fraud event will nail client funds! Bad business.

CMA site doesn't contain any policy(ies) that define commingling!? Poor show!? Shame on you

Reminds me of the most recent infamous case of MF Global aka Corzined funds...

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
Back to top
  | | Edit by user: Friday, November 07, 2014 3:01 PM | Reason: Not specified
Museveni
#99 Posted : Friday, November 07, 2014 3:08:04 PM
Rank: Member

Joined: 8/16/2012
Posts: 661
hisah wrote:
Still silence from CMA.

Still silence from Britam PR.

Investigative biz journos in KE, a big dead lot d'oh!

What I expect from Britam PR, an explanation of whether the funds lots were commingled.

What I expect from CMA, to find out if Britam was commingling funds.

If Britam commingled/commingles funds, this fraud event will nail client funds! Bad business.

CMA site doesn't contain any policy(ies) that define commingling!? Poor show!? Shame on you

Reminds me of the most recent infamous case of MF Global aka Corzined funds...



"MohaJichopevu" set the investigative journalism bar quite high. The business journos may never catch up to his standard of general public interest stories.

As for the CMA Pray Sick
Live and learn; and don’t forget, nothing ventured, nothing gained.
Back to top
  |
VituVingiSana
#100 Posted : Friday, November 07, 2014 9:11:58 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
And another wrinkle in the saga. I have a feeling Britam knew that using Ngatia (in front on Onyocha) would benefit them! Coz Ngatia can talk to Onyocha on the basis of a confidential client-lawyer relationship... And that can always be used as a cover to discuss other things!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Back to top
  |
18 Pages«<89101112>»
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.