.‪#‎CHASE‬ BANK AUDITORS HAVE ARRIVED IN KENYA, lol

More clarification from the BD story. Interesting. Do you believe it?

http://www.the-star.co.k...rship-two-days_c1333131

"Safaricom Consumer Business Unit director Sylvia Mulinge said she was the top executive referred in the story. Mulinge said it was true she had invested all her personal savings in Chase Bank but denied any knowledge of the bank's collapse.

Read her statement below

I have noted with concern an inaccurate and sensational story published in one of the local dailies, and I would like at the earliest opportunity to clarify the following facts:

I am among one of many Kenyans approached by the management of Chase Bank to invest in a private placement of the company’s shares in my private capacity. Having reviewed the bank’s investment memorandum, I decided to invest in the future of the bank, applied and paid for some of the shares on offer using my savings.

However, I can confirm, that almost six months after applying and thereafter making payment, I was not issued with any share certificate confirming ownership of any shares in the bank. It is on record that I have sent various correspondence over several months to the management of Chase Bank regarding the allotment of shares and even requested for a full refund of my investment given the delays. I have also not received confirmation that my name is on the share register in the company’s annual return.

I, and indeed other similar investors, were not privy to or aware of the Bank’s decision and timing to refund the investment which we had paid for earlier. As mentioned, since no shares had been allocated to me, this did not amount to a liquidation of shares as inaccurately described in the article.

I can confirm that even though the refund was credited to my account in Chase Bank, I was not able to withdraw any of it. To date my life savings remain trapped at Chase Bank together with the hard earned savings of thousands of other hard working Kenyans and which I cannot access just like any other depositor. "

In one deft move, in the dying seconds, the obligation of said insiders was converted from last to be paid in case of liquidation (shareholders) to among the first (depositors).

How will the ex-CEO explain it, unless he doesn't have to due to power plays?

I belief it. Kenyan papers are good for wrapping meat and rolling weed joints

http://money.cnn.com/201...kenya-angola/index.html

Mafiosa.

She has stated her facts!

She never got issued with a share certificate.

She never appeared on the list of shareholders.

She was in constant communication with the bank from much earlier - She says there are emails that can be verified. Had already asked for her refund - again verifying emails is not rocket science!

But Kenyans love sensationalism and never let facts get in the way of a good argument.

Counter facts with facts. It should be that simple.

@Much Know - I am not blaming CNN. On this, they are actually Johny Come Latelys and the article on the link above is sketchy at best.

All I am saying is that if you insist on quoting CNN, then you should also start quoting Moses Kuria, Alai etc.

CNN has really good business analysis unlike our locals,and the analysis is positive, "the financial sector is being CLEANED UP" that's what they write, and they have the interest of US banks who have invested in our bonds, who are making the most critical of financial analysis, wheres a better article to quote in Kenya today on the magnitude of the problem? They are adding value by giving an almost precise figure of the "magnitude" of half the 43 banks, about 22, now we have figures for those of us who like numbers, and the "chartists" aka technical analysis can use the figures to draw some charts, it is a value adding article, that we know are "fairly credilble" from a a global finance perspective, there's nothing better at a time like this. I am suspicious of the downgrading by IMF to 6%

CNN belongs to the American, if you want to be served you have to create yours ( Kenyan). For now they will continue taking care of their masters