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Amana Capital 'drinks clients money water'
Rank: New-farer Joined: 10/29/2018 Posts: 14 Location: Nairobi
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With regulated firms, everyone makes money except you  Kenyans lost over 60% of their investments in a regulated firm as CMA sits smiling quietly Quote:
59% impairment on the Amana Shilling Fund Class B
Following the directive by the Trustee, Natbank Trustee and Investment Services Limited (‘NTISL’)
provisions of IFRS 9 and the regulator, CMA, the fund sponsor has impaired the gap of Kshs two hundred
and fifty – five million (‘Kshs 255mn’) which represents 59% of class B units.
Becoming a regulated financial institution in Kenya is just a licence to eat with impunity , regulators will cover you up to avoid bad publicity  Unregulated firms are actually safer for cautious investors as you do all the due diligence yourself, trusting cma, cbk, ira, rba, sasra... to do it ends in tears 
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Rank: Member Joined: 11/21/2018 Posts: 564 Location: Britain
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Angelica _ann wrote:Jimmii wrote:A client on Amana received the below communication, yes their "money drank water"
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Below are extract of minutes and resolutions passed during the extra ordinary general meeting held on 28th February 2020.
Update on Class A Shares
Following the directive from CMA in August 2018 to impair the Nakumatt Holdings CP (NHL CP) within two (2) financial years effective on 31st December 2018 and further due to the outcome of the Nakumatt creditors decision to liquidate the retailer, and subsequent communication during the last Extra ordinary meeting held on 28th February 2020, the Class A shares has been impaired.
Update on Class B Shares
The moratorium Period on Class B of the Amana Shilling Fund was extended by a further six (‘6’) months up to and including September 6, 2020. During the moratorium period, the interest from investments will continue to be accrued and will be distributed at the end of the moratorium period based on the realized amounts.
Creation of Class C Shares
Class C was created for any new contributions from existing and new clients during the moratorium period. Contributions made from 15th January till the end of the moratorium period will be channeled to Class C meaning Class C shares are not affected by the Moratorium.
We confirm that the minutes are still under review by the regulator, Capital Markets Authority (CMA), Trustees (NatBank Trustees and Investment Services Limited) and Amana Capital Limited. We will share them immediately upon finalization and approval as earlier communicated in our holding statement dated 26th March 2020.
So since this thing came to light in 2018, guys are still investing in this fund? Then class B, why suffer consequences you were not part of? But even now guys continue to invest with Cytonn inspite of the obvious red flag. The thing is, some investors lack access to information to assist them make informed decisions.
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Rank: Member Joined: 5/15/2019 Posts: 677 Location: planet earth
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Queen wrote:Angelica _ann wrote:Jimmii wrote:A client on Amana received the below communication, yes their "money drank water"
=====================
Below are extract of minutes and resolutions passed during the extra ordinary general meeting held on 28th February 2020.
Update on Class A Shares
Following the directive from CMA in August 2018 to impair the Nakumatt Holdings CP (NHL CP) within two (2) financial years effective on 31st December 2018 and further due to the outcome of the Nakumatt creditors decision to liquidate the retailer, and subsequent communication during the last Extra ordinary meeting held on 28th February 2020, the Class A shares has been impaired.
Update on Class B Shares
The moratorium Period on Class B of the Amana Shilling Fund was extended by a further six (‘6’) months up to and including September 6, 2020. During the moratorium period, the interest from investments will continue to be accrued and will be distributed at the end of the moratorium period based on the realized amounts.
Creation of Class C Shares
Class C was created for any new contributions from existing and new clients during the moratorium period. Contributions made from 15th January till the end of the moratorium period will be channeled to Class C meaning Class C shares are not affected by the Moratorium.
We confirm that the minutes are still under review by the regulator, Capital Markets Authority (CMA), Trustees (NatBank Trustees and Investment Services Limited) and Amana Capital Limited. We will share them immediately upon finalization and approval as earlier communicated in our holding statement dated 26th March 2020.
So since this thing came to light in 2018, guys are still investing in this fund? Then class B, why suffer consequences you were not part of? But even now guys continue to invest with Cytonn inspite of the obvious red flag. The thing is, some investors lack access to information to assist them make informed decisions. When we told them to invest in migunda several years ago, some protested with gusto Some never learn! Never invest in anything you do not have at least 95% direct control over. If a "fund manager" is such an investment genius who makes roaring returns, pray tell, why is he still an employee? If truly talented, he would have invested his own money and made billions hence no need for a job/salary. Yet the clueless throw millions at some grossly incompetent (or grossly corrupt, or both!) employee and expect miracles in this here our Kenya. And then act surprised when they lose their shirts SMH!
#DCisTheFutureAge and family mellows us all over time
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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amorphous wrote:Queen wrote:Angelica _ann wrote:Jimmii wrote:A client on Amana received the below communication, yes their "money drank water"
=====================
Below are extract of minutes and resolutions passed during the extra ordinary general meeting held on 28th February 2020.
Update on Class A Shares
Following the directive from CMA in August 2018 to impair the Nakumatt Holdings CP (NHL CP) within two (2) financial years effective on 31st December 2018 and further due to the outcome of the Nakumatt creditors decision to liquidate the retailer, and subsequent communication during the last Extra ordinary meeting held on 28th February 2020, the Class A shares has been impaired.
Update on Class B Shares
The moratorium Period on Class B of the Amana Shilling Fund was extended by a further six (‘6’) months up to and including September 6, 2020. During the moratorium period, the interest from investments will continue to be accrued and will be distributed at the end of the moratorium period based on the realized amounts.
Creation of Class C Shares
Class C was created for any new contributions from existing and new clients during the moratorium period. Contributions made from 15th January till the end of the moratorium period will be channeled to Class C meaning Class C shares are not affected by the Moratorium.
We confirm that the minutes are still under review by the regulator, Capital Markets Authority (CMA), Trustees (NatBank Trustees and Investment Services Limited) and Amana Capital Limited. We will share them immediately upon finalization and approval as earlier communicated in our holding statement dated 26th March 2020.
So since this thing came to light in 2018, guys are still investing in this fund? Then class B, why suffer consequences you were not part of? But even now guys continue to invest with Cytonn inspite of the obvious red flag. The thing is, some investors lack access to information to assist them make informed decisions. When we told them to invest in migunda several years ago, some protested with gusto Some never learn! Never invest in anything you do not have at least 95% direct control over. If a "fund manager" is such an investment genius who makes roaring returns, pray tell, why is he still an employee? If truly talented, he would have invested his own money and made billions hence no need for a job/salary. Yet the clueless throw millions at some grossly incompetent (or grossly corrupt, or both!) employee and expect miracles in this here our Kenya. And then act surprised when they lose their shirts SMH!
#DCisTheFuture  Even when investors are down on their knees you still come with a kick to the nuts. #DC MAMBO yote
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Rank: Member Joined: 5/15/2019 Posts: 677 Location: planet earth
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Not kicking anyone when they are down, just saying a big fat "I told you so," to all those who refuted our "migunda are the best thing since sliced bread to invest in hapa Kenya" thesis  Lowest risk for the highest upside. Cannot get better than that! Age and family mellows us all over time
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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https://www.capitalfm.co...in-turnaround-strategy/
Amana capital allows investors to withdraw 41% of their funds from beginning of December and picks new acting CEO in turnaround strategy Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Ericsson wrote:https://www.capitalfm.co.ke/business/2020/12/amana-capital-allows-investors-to-withdraw-41pc-of-their-funds-picks-new-acting-ceo-in-turnaround-strategy/
Amana capital allows investors to withdraw 41% of their funds from beginning of December and picks new acting CEO in turnaround strategy I thought this Reginald guy was part of the mess as Chief Investment Officer, ama? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Member Joined: 5/15/2019 Posts: 677 Location: planet earth
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Amana Capital 'drinks clients money water'
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