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CMC MOTORS Boardroom Wars
mukiha
#131 Posted : Saturday, October 29, 2011 6:44:34 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Kwanini wrote:
we live in interesting times... come nov Egm, i predict bill will have packed his rucksack. my little genie also says muthoka can kiss the cookie jar goodbye.... one old kiere has the wild card to swing pete off tha cliff... in the meantime an opportunity to ask deloot n touch to head to the hills ?


Now that you say this; I vaguely remember there was another boardroom coup planned some time in the 1990s... The plan was to kick Njonjo out.... but then again I'm not sure if it was CMC or CFC....

The plan failed because Njonjo was able to collect enough proxies from minor shareholders.... Are we going to see a similar scenario
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
Gordon Gekko
#132 Posted : Saturday, October 29, 2011 7:49:16 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
Was CFC. He was later to fly to ZA and negotiate the deal that created CFC-S.

BTW, is it true that Muthoka was a bland BBK cashier at one point in his life and questions still abound as to how he managed to end up in control of Andy and CMC?
Elephant Man
#133 Posted : Sunday, October 30, 2011 8:56:46 AM
Rank: Member

Joined: 12/24/2008
Posts: 112
If mid to late nineties, it was CMC....when Gidoomal & friends unsuccessfully attempted to take over the company. All CMC staff that owned shares were 'encouraged' to sign proxies...
BGL
#134 Posted : Sunday, October 30, 2011 2:07:21 PM
Rank: Veteran

Joined: 10/11/2009
Posts: 1,223
youcan'tstopusnow wrote:
That EGM will be explosive! FUNKY, kura yako ni ya nani?smile
Ama kura yako, siri yako. Hehe


For now the EGM will not proceed due to a technicality


The boardroom war at the car dealer CMC Motors drew its first blood when a High Court judge withdrew orders on Friday he had issued a day earlier on the ground that he failed to disclose that he was a close relative to the lawyer who filed the application.

The application was filed by lawyer Fred Ojiambo on instructions of Andy Forwarders chief executive Peter Muthoka seeking orders to bar Capital Markets Authority from interfering with the proposed CMC extra-ordinary annual general meeting.

The meeting is scheduled for November 21 at the Bomas of Kenya at 11a.m. “with the sole purpose of removing current directors from office.”

According to the court papers filed by the authority, Mr Justice David Amilcar Shikomera Majanja is accused of failing to disclose that he is Mr Ojiambo’s “grandson”, a fact which by court practices ought to have persuaded him to disqualify himself as the presiding judge to safeguard the principle of fair hearing, natural justice and to avoid being accused of conflict of interest....................... DAILY NATION
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
youcan'tstopusnow
#135 Posted : Sunday, October 30, 2011 5:22:23 PM
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
BGL wrote:
youcan'tstopusnow wrote:
That EGM will be explosive! FUNKY, kura yako ni ya nani?smile
Ama kura yako, siri yako. Hehe


For now the EGM will not proceed due to a technicality


The boardroom war at the car dealer CMC Motors drew its first blood when a High Court judge withdrew orders on Friday he had issued a day earlier on the ground that he failed to disclose that he was a close relative to the lawyer who filed the application.

The application was filed by lawyer Fred Ojiambo on instructions of Andy Forwarders chief executive Peter Muthoka seeking orders to bar Capital Markets Authority from interfering with the proposed CMC extra-ordinary annual general meeting.

The meeting is scheduled for November 21 at the Bomas of Kenya at 11a.m. “with the sole purpose of removing current directors from office.”

According to the court papers filed by the authority, Mr Justice David Amilcar Shikomera Majanja is accused of failing to disclose that he is Mr Ojiambo’s “grandson”, a fact which by court practices ought to have persuaded him to disqualify himself as the presiding judge to safeguard the principle of fair hearing, natural justice and to avoid being accused of conflict of interest....................... DAILY NATION


Bill Lay lives to fight another day...
GOD BLESS YOUR LIFE
mlennyma
#136 Posted : Sunday, October 30, 2011 5:32:54 PM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Very sad drama for the innocent shareholders who still await price beating when it resumes posibly mid next year.
"Don't let the fear of losing be greater than the excitement of winning."
FUNKY
#137 Posted : Monday, October 31, 2011 8:28:54 AM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
VituVingiSana
#138 Posted : Tuesday, November 01, 2011 10:38:44 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
I am going to support Paul Wanderi Ndungu over muthoka... Why? I like a guy who buys shares in his own name... Nothing to hide!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Dmitrys
#139 Posted : Tuesday, November 01, 2011 10:10:59 PM
Rank: New-farer

Joined: 9/29/2011
Posts: 22
Location: Nairobi
Gidoomal was at Car & General where the family still holds major stake. They wanted to conduct a coup during agm which backfired.

My bet is cmc will go marshalls way, the UK connection could go then follow withdrawal of major car franchise, what will be left is just a shell.

I am a proud holder of 3000 Lonhro motors shares which i bought close to Kshs200 per share. Remember marshals, Lonhro, & famous Nyali beach hotel.

Cmc is only goodwill account and once the brand are withdrawn not sure what will be left, do you remember they used to sell mitsubishi before simba took it over.
Kwanini
#140 Posted : Wednesday, November 02, 2011 2:45:49 PM
Rank: Member

Joined: 1/28/2009
Posts: 353
Location: Cloud
@Dmitrys, weee... spread some hope bana... where are we meant to run to before your prophecy comes true? i was really counting on the county governments come 2012 to do some serious spending spree at CMC next year... Kweli this is not a fish market..
"For i am the master and the captain of my fate"
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