wazua Fri, Mar 29, 2024
Welcome Guest Search | Active Topics | Log In | Register

10 Pages«<8910
Kenya Orchards
maka
#181 Posted : Monday, March 21, 2016 3:05:17 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Pesa Nane wrote:
whiteowl wrote:
Gatheuzi wrote:
@muchr, this is very informative. So it means @Horton aka Henry Ngati Nugi, is the one who manipulated the market to cause an artificial rally helped by Standard Investment Bank.

And now he has been found calpable and all he is required to do is remit back the capital gains of 374K. Standard Investment Bank will pay 9K as illicit commissions received from Henry and pay a penalty of 760K.

Thanks for the action Mr. Regulator.


Same guy now drumming support for Cytonn. Not saying anything bad is going to happen but I'll watch it from a safe distance. And BD was telling us that the rally was caused by sky rocketing sales of spices.Totally hogwash!

Anxious


Soko la hisa...
possunt quia posse videntur
VituVingiSana
#182 Posted : Monday, March 21, 2016 4:37:41 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,038
Location: Nairobi
murchr wrote:
Horton is Henry Ngati
Nugi wrote:
sold out at 170-178 like 2-3weeks ago.


CMA Report wrote:
Henry Ngati Nugi:

Undertaking a purchase of 1,000 and 4,500
Kenya Orchards shares on 25 April and 15 August
2014 at Kshs. 6.55 and Kshs. 10.50 respectively
and subsequently selling the same mainly in
lots of 100 shares at progressively increasing
prices of between Kshs. 11.50 and Kshs. 190
on diverse dates between 20 August 2014 and
24 October 2014, and thereby occasioning an
artificially induced market price rally, leading
other participants in the market to purchase
the security on the mistaken belief that the
“inflated price” reflected a true value for the
underlying company contrary to the provisions
of Section 31 (7) (e) of the Capital Markets Act.

Conducting subsequent sales of Kenya
Orchards shares in lots of 100 at progressively
increasing prices of between Kshs. 11.50 and
Kshs. 190, whereby as the party dominating
sale of the shares, played a critical role in
determining the prevailing price for the shares
on diverse dates between 20 August 2014
and 24 October 2014, causing an increase in
the price of securities with the intention of
inducing other persons to purchase securities
in the company contrary to the provisions of
Section 32F (1) (a) of the Capital Markets Act

Enforcement Action

• Disgorgement of all the capital gains earned
amounting to Kshs. 374, 926.75 pursuant to Section
11 (3) (cc) (i) and Section 25A (2) of the Capital Markets
Act
• An Enforcement directive to ensure that the amount
of disgorged profits amounting to Kshs. 374,926.75
is paid to the Investor Compensation Fund Bank
Account;
• A Freeze Order on the Investor’s CDS Account in
accordance with Section 11 (3) (t) and (u) of the
Capital Markets Act effective until the disgorged
amounts are fully settled.


Quote:
Standard Investment Bank
Effecting and thereby facilitating numerous
transactions in the CDS account of an Investor
who was selling Kenya Orchards Ltd shares
and leading to increasing prices contrary to
the provisions of Section 31 (5) of the Capital
Markets Act.

Playing a dominant role as the selling broker
of Kenya Orchards Ltd shares on behalf of an
investor who undertook trades which led to the
price rally of the shares contrary to Regulation
24 (d) of the Capital Markets (Licensing
requirements) (General) Regulations.

Enforcement Action
• Pursuant to Section 11 (3) (cc) (ii) and Section 11 (3) (w)
of the Capital Markets Act, a disgorgement order over
the illicit commissions amounting to Kshs. 9,004.93.
• A financial penalty pursuant to Section 25A (1) (a)
(vi) of the Capital Markets Act amounting to Kshs.
758,858.43.
• A regulatory caution pursuant to Section 25A (1) (a) (i)
of the Capital Markets Act to ensure that it maintains
due regard for its obligations under the provisions of
the capital markets regulatory framework on market
manipulation;
• An enforcement directive under section 11 (3) (i)
of the Act that the firm conducts an independent
systems audit to establish the status of compliance of
their Operating Trading System with their regulatory
framework; and submit the System’s Audit Report to
the Authority.



Why should the CMA punish the seller for the STUPIDITY of a buyer who buys shares based on an increasing price instead of doing some basic research!
PER?
PB?
Growth?
NAV?
Industry?

Let the stupid buyers get burnt. This was not a new issue. The management/board had no issued any false statements. There was no false/fake/misleading IM like KQ, Uchumi and Mumias.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
murchr
#183 Posted : Monday, March 21, 2016 4:58:13 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,979
VituVingiSana wrote:
murchr wrote:
Horton is Henry Ngati
Nugi wrote:
sold out at 170-178 like 2-3weeks ago.


CMA Report wrote:
Henry Ngati Nugi:

Undertaking a purchase of 1,000 and 4,500
Kenya Orchards shares on 25 April and 15 August
2014 at Kshs. 6.55 and Kshs. 10.50 respectively
and subsequently selling the same mainly in
lots of 100 shares at progressively increasing
prices of between Kshs. 11.50 and Kshs. 190
on diverse dates between 20 August 2014 and
24 October 2014, and thereby occasioning an
artificially induced market price rally, leading
other participants in the market to purchase
the security on the mistaken belief that the
“inflated price” reflected a true value for the
underlying company contrary to the provisions
of Section 31 (7) (e) of the Capital Markets Act.

Conducting subsequent sales of Kenya
Orchards shares in lots of 100 at progressively
increasing prices of between Kshs. 11.50 and
Kshs. 190, whereby as the party dominating
sale of the shares, played a critical role in
determining the prevailing price for the shares
on diverse dates between 20 August 2014
and 24 October 2014, causing an increase in
the price of securities with the intention of
inducing other persons to purchase securities
in the company contrary to the provisions of
Section 32F (1) (a) of the Capital Markets Act

Enforcement Action

• Disgorgement of all the capital gains earned
amounting to Kshs. 374, 926.75 pursuant to Section
11 (3) (cc) (i) and Section 25A (2) of the Capital Markets
Act
• An Enforcement directive to ensure that the amount
of disgorged profits amounting to Kshs. 374,926.75
is paid to the Investor Compensation Fund Bank
Account;
• A Freeze Order on the Investor’s CDS Account in
accordance with Section 11 (3) (t) and (u) of the
Capital Markets Act effective until the disgorged
amounts are fully settled.


Quote:
Standard Investment Bank
Effecting and thereby facilitating numerous
transactions in the CDS account of an Investor
who was selling Kenya Orchards Ltd shares
and leading to increasing prices contrary to
the provisions of Section 31 (5) of the Capital
Markets Act.

Playing a dominant role as the selling broker
of Kenya Orchards Ltd shares on behalf of an
investor who undertook trades which led to the
price rally of the shares contrary to Regulation
24 (d) of the Capital Markets (Licensing
requirements) (General) Regulations.

Enforcement Action
• Pursuant to Section 11 (3) (cc) (ii) and Section 11 (3) (w)
of the Capital Markets Act, a disgorgement order over
the illicit commissions amounting to Kshs. 9,004.93.
• A financial penalty pursuant to Section 25A (1) (a)
(vi) of the Capital Markets Act amounting to Kshs.
758,858.43.
• A regulatory caution pursuant to Section 25A (1) (a) (i)
of the Capital Markets Act to ensure that it maintains
due regard for its obligations under the provisions of
the capital markets regulatory framework on market
manipulation;
• An enforcement directive under section 11 (3) (i)
of the Act that the firm conducts an independent
systems audit to establish the status of compliance of
their Operating Trading System with their regulatory
framework; and submit the System’s Audit Report to
the Authority.



Why should the CMA punish the seller for the STUPIDITY of a buyer who buys shares based on an increasing price instead of doing some basic research!
PER?
PB?
Growth?
NAV?
Industry?

Let the stupid buyers get burnt. This was not a new issue. The management/board had no issued any false statements. There was no false/fake/misleading IM like KQ, Uchumi and Mumias.


Its the law.....the buyers are already burnt. They are holding monkeys

CMA Act 31:7 wrote:

(7)
No person shall, directly or indirectly, in connection with the purchase or sale of any security—
(a) employ any device, scheme or artifice to defraud;
(b) engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person;
"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
.
Horton
#184 Posted : Monday, March 21, 2016 5:01:46 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
@Gatheuzi/Maka/sparklyet al, thanks for giving me all the attention 😂😂😂

@muchr I am not Henry whatever as sparkly correctly pointed out ....(ati local airline) never tell a rubani that "hi ndege yako ni kidogo sana" even if it is indeed a 2 seater Cessna😂😂😂😂

@whiteowl quite frankly, if you understood my statement(s), I wasnt drumming up anything, I was simply telling wazuans my opinion. I have been in this market now for 15 years having made profits and lost money too, that should count for something. Again, take my opinion if u wish, or dont, entirely at your discretion. I think that was the spirit of this forum exchange ideas....dont u think so?!?! Whether u buy shares in a particular company or not is entirely at your prerogative, whether u want to "watch from afar" makes no difference to me. I just posted my thoughts....period!

@Gatheuzi, Please stop making silly statements. Its quite sad to see an investor of your caliber spreading petty rumours. I was at the right place at the right time. if you saw my earlier posts, someone was selling 1400 shares i think at 10bob and I just bought. This was way before they even went anywhere near 10% on top of what I bought these.

@VVS agreed, willing buyer willing seller.



Mangs
#185 Posted : Monday, June 27, 2016 1:22:34 AM
Rank: New-farer


Joined: 9/12/2014
Posts: 31
Classic case of daylight market manipulation that took CMA two good years to crack a whip;

http://www.mangsblog.com/?p=37
obiero
#186 Posted : Tuesday, September 18, 2018 10:55:39 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,464
Location: nairobi
Wazua knew about the crooks years ago

HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
whiteowl
#187 Posted : Wednesday, September 19, 2018 5:45:56 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
obiero wrote:
Wazua knew about the crooks years ago


The guy who was playing the market is a Wazuan smile
obiero
#188 Posted : Wednesday, September 19, 2018 6:16:43 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,464
Location: nairobi
whiteowl wrote:
obiero wrote:
Wazua knew about the crooks years ago


The guy who was playing the market is a Wazuan smile

It must be.. A crooked rally happened two years ago.. Corruption has been found and it's payback time

HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
Users browsing this topic
Guest
10 Pages«<8910
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.

Copyright © 2024 Wazua.co.ke. All Rights Reserved.