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Chase Bank loss...another case of cooking the books?
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Spikes wrote:enyands wrote:alma1 wrote:streetwise wrote:ICPAK ..they saw nothing wrong with uchumi being run down by their
Own !!!!!
Or it it just Kenyans way of doing things ??? Can they sue for feelings? Coz i feel and I'm not undermining After all even when I undermine my wife kuna shida So this is what I feel As a depositor I really what to see that law mkenyan maka please help me I was f***ed by Chase Bank I feel like if i get another bank I'll die if help me coz njorge cares about me I'm looking for a way to pay my way But Crickets cricketk sound likest stil trying to get my poem to ssst crickets All I want to say is\ I can't say But f*** you like honestly my feelings Alma1 out of curiosity ,did you do poetry @enyands ukilala unaota na Wazua? Kwanini ndugu yangu
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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enyands wrote:Spikes wrote:enyands wrote:alma1 wrote:streetwise wrote:ICPAK ..they saw nothing wrong with uchumi being run down by their
Own !!!!!
Or it it just Kenyans way of doing things ??? Can they sue for feelings? Coz i feel and I'm not undermining After all even when I undermine my wife kuna shida So this is what I feel As a depositor I really what to see that law mkenyan maka please help me I was f***ed by Chase Bank I feel like if i get another bank I'll die if help me coz njorge cares about me I'm looking for a way to pay my way But Crickets cricketk sound likest stil trying to get my poem to ssst crickets All I want to say is\ I can't say But f*** you like honestly my feelings Alma1 out of curiosity ,did you do poetry @enyands ukilala unaota na Wazua? Kwanini ndugu yangu Ninakuona online more often than anybody else. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.
Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform
Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.
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Rank: Member Joined: 2/4/2016 Posts: 175 Location: Global
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I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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Spikes wrote:enyands wrote:Spikes wrote:enyands wrote:alma1 wrote:streetwise wrote:ICPAK ..they saw nothing wrong with uchumi being run down by their
Own !!!!!
Or it it just Kenyans way of doing things ??? Can they sue for feelings? Coz i feel and I'm not undermining After all even when I undermine my wife kuna shida So this is what I feel As a depositor I really what to see that law mkenyan maka please help me I was f***ed by Chase Bank I feel like if i get another bank I'll die if help me coz njorge cares about me I'm looking for a way to pay my way But Crickets cricketk sound likest stil trying to get my poem to ssst crickets All I want to say is\ I can't say But f*** you like honestly my feelings Alma1 out of curiosity ,did you do poetry @enyands ukilala unaota na Wazua? Kwanini ndugu yangu Ninakuona online more often than anybody else. Na wewe huwanga offline ukimuona? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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Ethiteri wrote:I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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streetwise wrote:I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.
Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform
Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.
@streetwise, from a strictly Wanjiku point of view, I am disagreeing with your disagreement. Who is really the auditor's client? Your ideal of the public is just an ideal. I have long been puzzled by the fact that an organization hires and PAYS an auditor, who is then supposed to be more loyal to the public than the organization. This may perhaps work in a highly regulated society, but here? I imagine a really tough and straight auditing firm will get very few assignments from our less than straight banks. May be the regulator should assign auditors and pay from a fund contributed by said organizations?
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Rank: Member Joined: 2/4/2016 Posts: 175 Location: Global
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Impunity wrote:Ethiteri wrote:I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer. Hoping I wont swallow my words... It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy. Spread hope bwana @Impunity.
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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iris wrote:streetwise wrote:I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.
Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform
Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.
@streetwise, from a strictly Wanjiku point of view, I am disagreeing with your disagreement. Who is really the auditor's client? Your ideal of the public is just an ideal. I have long been puzzled by the fact that an organization hires and PAYS an auditor, who is then supposed to be more loyal to the public than the organization. This may perhaps work in a highly regulated society, but here? I imagine a really tough and straight auditing firm will get very few assignments from our less than straight banks. May be the regulator should assign auditors and pay from a fund contributed by said organizations? I ideally, the auditors should be appointed by the directors/board of directors who represent the interests of the shareholder.The auditors should express an opinion on the financial statements prepared by management for shareholders If Obiero did it, Who Am I?
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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sitaki.kujulikana wrote:don't know with exact details what auditors do, so forgive my ignorance on the same, but how comes they missed what has been mentioned to be a whooping 8 billion shillings hole, Or their role is just to rubber stamp what the directors forward to them. The role of the auditos is NOT to detect fraud but to check on the strengths of the internal control systems in place and express an opinion on financial statements prepared BY management If Obiero did it, Who Am I?
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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Ethiteri wrote:Impunity wrote:Ethiteri wrote:I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer. Hoping I wont swallow my words... It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy. Spread hope bwana @Impunity. Hizi story munatoa wapi? At least mine is below the 100k so nitapata yote. 
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Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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Swenani wrote:iris wrote:streetwise wrote:I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.
Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform
Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.
@streetwise, from a strictly Wanjiku point of view, I am disagreeing with your disagreement. Who is really the auditor's client? Your ideal of the public is just an ideal. I have long been puzzled by the fact that an organization hires and PAYS an auditor, who is then supposed to be more loyal to the public than the organization. This may perhaps work in a highly regulated society, but here? I imagine a really tough and straight auditing firm will get very few assignments from our less than straight banks. May be the regulator should assign auditors and pay from a fund contributed by said organizations? I ideally, the auditors should be appointed by the directors/board of directors who represent the interests of the shareholder.The auditors should express an opinion on the financial statements prepared by management for shareholders Where do you draw the lines in such banks as Equity, where JM is Management/Director/Shareholder. Even in other scenarios, really independent boards are hard to come by.
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Rank: Member Joined: 1/31/2007 Posts: 303
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Deloitte and Chase bankIf this is true then the auditors have really screwed this bank
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Rank: Member Joined: 2/4/2016 Posts: 175 Location: Global
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washiku wrote:Ethiteri wrote:Impunity wrote:Ethiteri wrote:I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer. Hoping I wont swallow my words... It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy. Spread hope bwana @Impunity. Hizi story munatoa wapi? At least mine is below the 100k so nitapata yote. wewe unataka story ama the source?We are connected and we know people You will get your money.Usiwe doubting Thomaso
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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Ethiteri wrote:Impunity wrote:Ethiteri wrote:I stand here or is it type here to spread good news and give hope to @Alma and any other affected depositor.
"Expect good news/relieving news on or before 1st May,2016.A workable formula is almost ready for people to access their funds."Keep hope alive.Let the 3 weeks mess be part of the "down" in the "Life is full of ups and downs"
Only those with deposits up to KES. 100,000 will be paid full deposits...the big boys will have to wait much longer. Hoping I wont swallow my words... It is everybody this time round not the 100k guys only.The arrangement is akin to a buy-off or takeover that will restore normalcy. Spread hope bwana @Impunity. Will Chase bank remain as Shase bank or it will be bought and the name changed completely? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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So did anyone here attend the crazy wild parties at The Chairman of Chase's home? All the local Chase talent was showcased... Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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And why did Chase Bank mixed the two different "banking ideologies" into one? No excuses for them. If you want to run an Imam bank, open one and run as such but dont mix it with the mainline banking. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 3/15/2009 Posts: 359
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What does the standard say about this, how do other banks handle it, any experts around.
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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This article is a classic defense move by the director(s). The issue is simple, did the bank advance 7.9Bn, Ans; yes To whom? What is so difficult with the director saying in this article (or to the CID) that these loans were advanced to person ABC who are not associated with the bank, therefore the insider classification is wrong!! Ama!! Trying to explain this whole mess as some Islamic banking treatment is BS. Infact I would be curious to know whose names are on the mentioned properties The BD articles today read like paid adverts by the Directors, attempting to claw back lost ground. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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shocks wrote:What does the standard say about this, how do other banks handle it, any experts around. IFRS or even the prudential guidelines do not differentiate between conventional and Islamic banking and they don't need to coz in both forms the spirit is the same. A loan is a loan. They only diverge in that Islamic banking requires you to agree the interest upfront in its entirety and its not called interest but rather profit share. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Chase Bank loss...another case of cooking the books?
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