Some people in wazua just like trolling. This is an open and shut case.

Makosa ilifanyika, na lazima ilipiwe!

Yes some of these "power of many programs"

This is the same way the new constitution, advisors and dark forces are blamed whenever an individual does someone wrong/criminal when holding public/private office.

1. So all those serious shareholders didnot have seats on the Board and Board committees? What have they been presenting to their masters?

2. Opus Dei says they have had this issue since October 2015. How did the Board/Major shareholders allow the Chair and CEO to still present falsified reports for 2015 ...... 6 months down the line.

3. Let Chase bank accept their own weaknsesses and mistakes and learn from it, instead of blaming social media.

My Take..

To those affected;

Focus on the possibilities, when all it's over ,you will be much smarter & shrewd on finance matters. Hence don't let the "failure of the system" hold you down! You can dust yourself no matter the outcome...soldier on!

To those on the Sidelines..

Untill you walk a mile in someone shoes..you don't know how much it takes/understand someone circumstances. Hence thank your heavens you are not one of the "innocent actors" of the chase bank case. The best you can do is help out those close to you to cope with the situation.

To the Regulators/CBK/Govt'..

Times are really catching up with laxity and financial ethics being thrown out of the window. Its been a common joke,that any "big politician/businessman" in the country is connected to a certain bank/Insurance company. Obviously this is a recipe for chaos, Those in finance can relate to the advantage it gives someone (politician/businessman) to exploit the power of leverage and hedging.

Unfortunately, mix this with politics/regulators in the wrong way and its a recipe for disaster. My point is ,law is very clear but time and again we have allowed ourselves to be duped by self interests in disguise of shallow politics and sycophancy. If there is change coming, some senior politicians must be out of the system-not in near future including one senior connected to CBA. That is how deep the financial rot goes! Call it hearsay...but should I say...

To Mwananchi..You & I..

We need to recognize that, no matter what any shortcut or self interest through tribal aligning,circumventing the law, quick shallow capitalism,greed,self imposed political leaders,corruption..and list goes on results to ZERO SUM GAINS! What to do...Start by doing right...hopefully the ripple effect will be felt ,if not now may be in future generations. In the mean time we are experiencing the ripple effects of not how to run capitalism in midst of political machinations and conflict of interest. The net effect CHAOS!

Let me try to chew it for you. you = shareholder

Assume you have a kiosk where you have employed someone to run it and then you take audits at the end of the week.
You have allowed your employee to take and give credit as long as its to a certain limit and given time. If your employee takes more than half a bundle of unga, mind you everyone is still buying from you and you are getting more customers, would you immediately know, or this would become visible after you take an audit of books vs inventory?

The directors and management worked together to hide loans given to them from the financials, hence the first set of results. The auditor looked and the books and they were not adding up hence the "qualified opinion" meaning that financial statements are, in a limited way, not in accordance with generally accepted accounting principles.

The auditor has concerns about the company, the valuation of certain items on the balance sheet or some unreported pending liabilities.

At no point did the auditor say the bank was collapsing, infact when the media asked the CBK gov they were told that there was nothing to worry, but no one could trust him, the damage was done and wanjiku ran to withdraw.

No bank in Kenya can survive after experiencing an 8BN withdrawal in hours. Simply because, when you bank your money, its given to someone else as a loan (not liquid)

Just to correct this bullshit idea being sold here that "no bank can withstand a run", hio ni ujinga ya 19th century. A modern bank should be able to withstand run, and often carries out tests on it's own called "stress tests", these are simple tests that can be carried out by any serious banker and central bank (it is apparently what they are doing now). Those who were keen during the 2008 financial crisis will remember banks like JP Morgan emphasizing they are ready for a run. There are credit risk analysis, liquidity analysis etc to ensure in any case you can quickly convert some assets to cover "mass withdrawas", lakini kama umeweka pesa Panama ama in speculatory burotis and apartments in Nairobi shauri yako. THERE IS NO WAY ON EARTH social media can bring down a bank! CBK governor ongeza stress!!!!

Sio uwongo bwana, these things are real, if you have never heard of stress tests you see where the problem is. All sensible banks carry stress tests for all this kind of risks!!! Otherwise google!

The financial gurus we have in Wazua, please help, going by how much cash chase bank held, somebody who had deposited 3m, how much is he likely to get back?

Ziko zimefanya hii Kenya for sure!!! And they can't collapse! Hata social media iseme aje!