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The Acorn Saga - Britam vs Cytonn
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kryptonite
#11 Posted : Thursday, October 09, 2014 3:31:59 PM
Rank: Member

Joined: 2/1/2010
Posts: 272
Location: Nairobi
selah wrote:
Sasha wrote:
This was always going to happen. Ed had built quite a portfolio of clients who trusted him immensely. He had always created a very good rapport with all his staff members. When a client is brave to move a Kshs 40B project to you, then you know you will be successfully.

When the old guard decided to put a leash on his plans, he was always going to bolt. He wanted to BAAM to be the first fund manager deploy an online portal to allow the 'online generation' (including diaspora) to invest, but was frustrated in this effort.


This Ed guy is someone to watch out for...it is not easy to convince 4 guys to follow you out and form your own outfit.

In my view I think Britam has been played by Acorn...and most probably cytonn is just a front.



You're probably right on Britam being played by Acorn, and in that regard the Ed who we should be watching out for is not Dande but Kirathe. This move has his fingerprints all over it.
The harder you work, the luckier you get
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mv_ufanisi
#12 Posted : Thursday, October 09, 2014 3:38:00 PM
Rank: Member

Joined: 1/15/2010
Posts: 625
McReggae wrote:
mv_ufanisi wrote:
There's something unethical and quite disturbing about this saga. An employee is not allowed to use company resources for self benefit. In the United States this would definitely not go down. Employees have atleast a 1 year non compete clause with their company. They are also barred from recruiting other employees from the same company to their new outfit for this same reason.
Britam can easily claim that ED and co stole company intellectual property and resources.
I'll be surprised if BRITAM doesn't sue.


Hakuna business ethics Kenya, there is no way you will continue counting billions over people's sweat as they watch! Compensate your employees well or prepare for such moments!


I think this is a case of unethical behavior by employees.

Didn't BRITAM have a clear company policy on a non-compete as well as intellectual property?

Shareholders are getting screwed as employees utilize company resources for self gain.

This deal with Acorn was done while said employees were acting as BRITAM agents and using BRITAM resources.

For them to turn around and turn it over to themselves is definitely unethical.

The CMA should launch an investigation as BRITAM shareholder interests have been compromised as well.
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McReggae
#13 Posted : Thursday, October 09, 2014 3:41:20 PM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
mv_ufanisi wrote:
McReggae wrote:
mv_ufanisi wrote:
There's something unethical and quite disturbing about this saga. An employee is not allowed to use company resources for self benefit. In the United States this would definitely not go down. Employees have atleast a 1 year non compete clause with their company. They are also barred from recruiting other employees from the same company to their new outfit for this same reason.
Britam can easily claim that ED and co stole company intellectual property and resources.
I'll be surprised if BRITAM doesn't sue.


Hakuna business ethics Kenya, there is no way you will continue counting billions over people's sweat as they watch! Compensate your employees well or prepare for such moments!


I think this is a case of unethical behavior by employees or perhaps lack of a clear company policy on a non-compete and the company not protecting its intellectual property. Shareholders get screwed as employees utilize company resources for self gain. This deal with Acorn was done while said employees were acting as BRITAM agents. For them to turn around and turn it over to themselves is definitely unethical. The CMA should launch an investigation to ensure that BRITAM shareholder interests have not been compromised.


The deal between Acorn and Britam must have had exit clauses in them, furthermore Britam owns 25% of Acorn, not a small stake if you ask me, it could even top Britam honchos screwing the share holders!!!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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obiero
#14 Posted : Thursday, October 09, 2014 4:33:44 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,213
Location: nairobi
as i have mentioned severally and gone on to reveal a complete list.. there are only twenty fully ethical firms at the NSE

KQ ABP 4.26
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murchr
#15 Posted : Thursday, October 09, 2014 8:16:22 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Mr Market punished Britam to the max Thursday. Wacha tuone kesho
"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
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Amani254
#16 Posted : Friday, October 10, 2014 6:21:59 AM
Rank: New-farer

Joined: 3/6/2014
Posts: 21
It is unethical and stinks to high heavens. The former employees should watch their backs. Same or worse will happen to them. It will be a miracle if they stay together as their uniting factor is a selfish,unethical move.
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hisah
#17 Posted : Friday, October 10, 2014 7:01:19 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
This britam story doesn't make sense. I refuse to buy what is reported by the media. How could the britam board not be aware of this move? Shareholders need to ask the board tough questions. If I was a big fund invested in britam this would be the obvious thing to do. Demand concrete explanation. Was the Acorn deal used as a pump and dump event? Is another CMC like enterprise corruption event unfolding as board members start mudslinging...? Will CMA be late to the party? Definitely. They can't even spot Korch vapour volume rally to heaven...

Watching this one keenly for it has other party members vested in it i.e. eqty and hfck.

Something stinks at NSE. Hope it's not the entire market...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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2012
#18 Posted : Friday, October 10, 2014 9:02:56 AM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
newfarer wrote:
is what dande did ethical?

stealing employee and clients from your employer


acorn sounds like a rebellious son to Britam.

britam can still make money if they had signed a contract with acorn.

lesson:

employees are the most important asset in any organization.


Dande did not steal employees, they moved out together to form Cytonn. It's very ethical. I think this is a culture that Kenyans should start to embrace. Employment is the part of the journey where you go to gain experience and capital then move.

BBI will solve it :)
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Swenani
#19 Posted : Friday, October 10, 2014 9:19:49 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
There is no ethics in business;its only found in employment.If there was ethics in business all businesses will be making losses and probably shut down too
If Obiero did it, Who Am I?
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mv_ufanisi
#20 Posted : Friday, October 10, 2014 9:21:42 AM
Rank: Member

Joined: 1/15/2010
Posts: 625
2012 wrote:
newfarer wrote:
is what dande did ethical?

stealing employee and clients from your employer


acorn sounds like a rebellious son to Britam.

britam can still make money if they had signed a contract with acorn.

lesson:

employees are the most important asset in any organization.


Dande did not steal employees, they moved out together to form Cytonn. It's very ethical. I think this is a culture that Kenyans should start to embrace. Employment is the part of the journey where you go to gain experience and capital then move.


The only reason why this happened is because of poor regulatory oversight in Kenya (inefficient, lazy and corrupt courts and CMA inaction). Kenyans have got into the habit of justifying the unjustifiable.
It's totally unethical and illegal for an employee to take over a company's customer list let alone a project that the company had paid that employee to work on and allocated them with resources such as an office, their brand name etc to engage with the client less than a few weeks later.
ED and crew may have gained in the short term but this could come to bite them in the behind. Would any sane company ever hire such people?
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