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Now Imperial Bank under receivership for 12 months
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Othelo
#201 Posted : Monday, November 09, 2015 6:45:57 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
murchr wrote:
Quote:
    • First to his board, he always presented a ‘re-worked’ top 50 borrower list, so the board always thought all was well.
    • The top 50 borrower list his CFO shared with CBK was also different from the one the board saw
    • This is where CBK comes into the picture; Janmohamed and crew ‘convinced’ them to never go into their core banking system
    • So basically, CBK always took what they were told as the whole truth.

    • The only time the board reprimanded JanMohammed was when he was asked TO STOP lending money to a company called ‘Meta’
    • Jade Petroleum is a company #imperialbank has sued for irregularly receiving 1.8 billion (Plus interest) through JanMohammed
    • The Jade association is bizzare, the owner used to send Janmohammed a list of expenses to be cleared
    • Salon bills, supermarket shopping – plane tickets – shopping for his wife and Janmohammed cleared them through #imperialbank

    • Who are these people? What did they have on the late GMD?
    • They are associated with a family that used to own the Dolphin group – one of them was jailed in the UK for conning an investor
    • A company renovating CBK offices was given a loan through Janmohammed – but it was never reported in the books
    • The #imperialbank CFO is on record negotiating for a 6 million bob payout to CBK peeps




This stinks hard. Corruption has taken root to the core of the society. These under dealings will chock us. Its about time all banks are audited. @muganda who is PKF? Am lost!

Audit Firm/External Auditors of Imperial Bank
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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moneydust
#202 Posted : Monday, November 09, 2015 7:05:54 PM
Rank: Member

Joined: 1/31/2007
Posts: 304
Othelo wrote:
murchr wrote:


This stinks hard. Corruption has taken root to the core of the society. These under dealings will chock us. Its about time all banks are audited. @muganda who is PKF? Am lost!

Audit Firm/External Auditors of Imperial Bank



Before everything else..CBK should bar PKF from auditing in the banking sector as external auditors.The level of connivance or incompetence or both in this matter is shocking.
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  | | Edit by moderator: Monday, November 09, 2015 7:50 PM | Reason: quote shortened
dunkang
#203 Posted : Monday, November 09, 2015 7:31:21 PM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years?

CBK should fire people from within.
PKF should be deregistered by their professional body.

CBK should mount a 3 months non-stop audit of all banks (they are just ~45)
Receive with simplicity everything that happens to you.” ― Rashi

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murchr
#204 Posted : Monday, November 09, 2015 7:54:23 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
dunkang wrote:
Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years?

CBK should fire people from within.
PKF should be deregistered by their professional body.

CBK should mount a 3 months non-stop audit of all banks (they are just ~45)


Exactly....Are we going to blame a dead man yet there are "systems" in place?

Mutunga needs to set up a special court for economic crimes
"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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hisah
#205 Posted : Monday, November 09, 2015 8:05:01 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
dunkang wrote:
Just wondering, what were the auditors (internal, external & CBK's) doing for 13 years?

CBK should fire people from within.
PKF should be deregistered by their professional body.

CBK should mount a 3 months non-stop audit of all banks (they are just ~45)

A quick google search shows the following listed firms have PFK footprints.

1. Home Afrika
2. Marshalls
3. Express Kenya

NSE Listed bond - Real People - KES 1.63B floated in Aug 2015.

This will be interesting as the rabbit hole goes deeper and the banking regulator has some tough queries to answer also.

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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smitha
#206 Posted : Tuesday, November 10, 2015 4:29:52 PM
Rank: New-farer

Joined: 6/10/2013
Posts: 52
GOK to the rescue? http://www.businessdaily.../-/4pfjxuz/-/index.html

The rogue accountants at PKF should be disbarred from practice. It would not be fair to shut down the whole practice as innocent employees would suffer.
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Museveni
#207 Posted : Friday, November 13, 2015 3:15:08 PM
Rank: Member

Joined: 8/16/2012
Posts: 661

Live and learn; and don’t forget, nothing ventured, nothing gained.
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wazuaguest
#208 Posted : Friday, November 13, 2015 5:23:49 PM
Rank: Member

Joined: 2/9/2012
Posts: 576
Museveni wrote:


The sad part is that some families for generations will continue enjoying that loot
Africa belongs to Africans.
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muganda
#209 Posted : Monday, November 16, 2015 12:31:32 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Central Bank a tad frustrated by the pace of the shareholders.
Imperial's owners frustrate CBK plan

Meanwhile, large depositors met in Mombasa further irking CBK.
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KulaRaha
#210 Posted : Monday, November 16, 2015 12:50:42 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Apparently a meeting this evening in Nairobi for depositors too.
Business opportunities are like buses,there's always another one coming
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