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How true is FEP??
heri
#121 Posted : Thursday, September 24, 2015 4:35:55 PM
Rank: Member

Joined: 9/14/2011
Posts: 869
Location: nairobi
enyands wrote:
1.4 b loss . That's a bomber


do you have details/extracts of the financials?
enyands
#122 Posted : Thursday, September 24, 2015 5:31:42 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
heri wrote:
enyands wrote:
1.4 b loss . That's a bomber


do you have details/extracts of the financials?



Go to financial year 2014

http://www.fep-group.com...stors/financial-reports/
bird_man
#123 Posted : Thursday, September 24, 2015 9:54:31 PM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
1.4B LOSS!!
Just downloaded 2014 report and I must say this is a bad joke.Read the auditors statement on page 31&32 plus page 46 on administrative costs.
This is madness.
Formally employed people often live their employers' dream & forget about their own.
murchr
#124 Posted : Friday, September 25, 2015 6:47:42 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
bird_man wrote:
1.4B LOSS!!
Just downloaded 2014 report and I must say this is a bad joke.Read the auditors statement on page 31&32 plus page 46 on administrative costs.
This is madness.


2013 financials restated, audited financial statements not in agreement with records .

As for the supermarket no inventory was carried out so the numbers floated are just guess work?

Could not verify the loans and advances...what was the auditor doing yawa

Last year they had a profit of 54+M then this year a loss of 1.4B.......Shame on you Shame on you Shame on you Shame on you

"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
.
enyands
#125 Posted : Friday, September 25, 2015 7:16:06 AM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
murchr wrote:
bird_man wrote:
1.4B LOSS!!
Just downloaded 2014 report and I must say this is a bad joke.Read the auditors statement on page 31&32 plus page 46 on administrative costs.
This is madness.


2013 financials restated, audited financial statements not in agreement with records .

As for the supermarket no inventory was carried out so the numbers floated are just guess work?

Could not verify the loans and advances...what was the auditor doing yawa

Last year they had a profit of 54+M then this year a loss of 1.4B.......Shame on you Shame on you Shame on you Shame on you




Funny thing is I'm meant to understand that during the AGM as they read the 1.4b lossthe shareholders were excited and clapping hands with applause .something is missing here . All I needed was a confirmation that this was a joke, and for sure it had come to pass .
murchr
#126 Posted : Friday, September 25, 2015 5:49:07 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
@BGL, Did you attend the AGM?
"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
.
enyands
#127 Posted : Friday, September 25, 2015 6:17:11 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
murchr wrote:
@BGL, Did you attend the AGM?


@BGL has gone silent for awhile .
Jezza
#128 Posted : Sunday, October 04, 2015 6:00:01 AM
Rank: Hello

Joined: 10/4/2015
Posts: 2
Location: GA
FEP AGM Highlights


https://docs.google.com/...azQ&export=download



FEP AGM Q&A and Adoption of Financial Reports 


https://docs.google.com/...RFU&export=download
philipkigo
#129 Posted : Wednesday, October 07, 2015 7:41:29 PM
Rank: Hello

Joined: 2/25/2014
Posts: 7
Nothing to say but am really sad for the shareholders. From an economic standpoint no hope for FEP, maybe a few years from now but before the money comes back it will be blood,toil and sweat. Another home afrika in the making. 1.4 billion loss is spectacular.
murchr
#130 Posted : Tuesday, October 20, 2015 6:08:00 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
How familiar does this sound??

Posted : Sunday, May 02, 2010 6:39:46 AM by uwazimtupu wrote:

The year 2008 started with high hopes for many of our worshippers at CITAM and other Christian communities who joined us to start a 'GATED COMMUNITY OF BELIEVERS'. Each of the family was attracted by the good concept that was developed by a reputable Architectural Firm. The members also relied on their faith and the desire to join a good neighbouhood. Most of th membrs rushed to sell their homes and committ to loans in the hope that they would buy a share in La Nyavu Gardnes and build their dream homes.

I remember the many breakfast meeting that were held and members urged to hurry up and finalise paying for the loan and get back their titles/ subleases. I remember how the cluster system was explained and that all the members needs would be accomodated for the ones who were ready to start to take the first clusters and have a phased construction.

Time has gone by and I want to believe that La Nyavu was a well-crafted scheme to entice, hook and exploit members in the name of faith! This is illustrated by the events that have occurred in the last two years; We are told that La Nyavu is a faith project. A Faith projct must reflect principles of good Christinans namely Transparency and openness in all dealings but LGL thrives on wtholding information from members so as to exploit the situation.

This scenario is going to dog the project from now on unless something s done to it. The following points illustrated my doubts of the intetion of this project,
1.In the initial project only 110 homes were planned but we understand that they are more and most of the amenities you had wished for are gone. Do you have say in the type of neighborhood you have paid money for?
2.We understand that plans have been approved and you had no input into the design you had wanted. Is this still your dream home.?
3.The management claim that they will sell at vendors terms. Who is the vendor here? Didnt we have this people hold the land in trust.
4.In one of the meetings, we were told that members would be refunded for any overpayment after completion. Have you heard of this again?
5.Last year, you were told that Ksh 2M was requird for infrastructure. Ithe members noted that this was ahigh figure and t was agreed that proper procuremnt plus BQs would be sought. This has not happened and letters of demand have been sent to you. Who stand to loose here? Is this a scheme to get monet from you as long as you have faith.
6. The latest shocker is that you will not have land. Not for the moment. Last week the management signed and MoU with some America inestors to finance the construction. This is why they are not issuing titles. After that the loan will be handed over to a local bank for you to service the loan. You will be lucky if your home is not sold by the bank for non-paymnet of loand since the minum loan is Ksh 15M. The truth is that someone is getting a % of the total loan and this is the Project Manager! The main question to the bishop is his relationship with the PM and whether he is his bussiness partner as well. Is there a connection between what % will be paid (this is purely a matter between the PM and the management of LGL). Is there conflict of interest here???

Our payer to the bishop is that transparency is key to any project and hat you cannot determine our future. You cannot take us all the way since we have expressed doubt and the facts are illustrated above! What can we show for the plot before you engage us in paying for inflated infrastructure without justification! I understand many people have paid but this is not fair. You have not showed the members the plans for the said infrastructure yet you cost it. Why are you imposing a decree on us?

With all due respect I challenge the bishop to address the following;
1.Why was the former accountant Francis sacked and his data deleted by your trusted confidant and business partner Mr. Nyakundi? What was being covered here?
2.How much money did you save in the Karen project and where was it invested? What happened to the refunds and how come you cant net it off our infrastructure charges.
3.We understand that there is a committee called PIT. Who elected them and who do they represent?
4.Why are you still tying more people to the next scheme with the same promises of a sale agreement after completion of project in the Mwiki land. What assurance do you have that they wont get milked dry like it has happened in the Karen scheme?
5.Your previous excuse that you cannot issue titles since you dont have the land does not hold

We pray that in the next few days you will unconditionally give members their sale agreements and let them decided the conditions that wish to live in. We not that infrastructure is a key component but you must justify this in a transparent manner. We also note that you Project Manager Mr, Nyakundi displays a high degree of arrogance and this can only be atributed to your close links with you. He uses your name to intimidate members and this is rather ODD.

As you hand over the mantle, we hope that our investment will be free of this evil and this way shall respect you. In the absence of that we shall resist this with prayer hoping that God will have his will done!

We also note that divide and rule attitude of no meetings and clever manoeuvrings by your manager. I challenge you to stand before the congregation and prove that this land is your and that you are selling to us as your manager keeps bragging. Kindly note that many people are under pressure from banks

Kindly send this mail to as manyy Christian groups and Kenya community who may be conned from this scheme or the Ruai/Mwiki one. Save the church of Christ by having thr truth come out. Let us not use the name of the Lord to enrich ourselves!
God bless you and you struggle to realise your dream homes!


From Here
"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
.
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