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Chase Bank loss...another case of cooking the books?
Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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2012 wrote:What's happening with Chase Bank? This matter has gone too silent. No suitors to buy the bank Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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Ericsson wrote:2012 wrote:What's happening with Chase Bank? This matter has gone too silent. No suitors to buy the bank How safe are our deposits in banks if the Kenya Deposit Insurance Corporation is unable to function because it is not fully nor well constituted? I hear the Chase saga has stalled because of this whether by design or otherwise. But forget Chase, how safe are our deposits in banks knowing that this is an election year? Can the CS do the necessary urgently!
BBI will solve it :)
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Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
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2012 wrote:Ericsson wrote:2012 wrote:What's happening with Chase Bank? This matter has gone too silent. No suitors to buy the bank How safe are our deposits in banks if the Kenya Deposit Insurance Corporation is unable to function because it is not fully nor well constituted? I hear the Chase saga has stalled because of this whether by design or otherwise. But forget Chase, how safe are our deposits in banks knowing that this is an election year? Can the CS do the necessary urgently! Wewe wachana na chase bank. We now get lolipops at the door.  Thieves are not good people. Tumeelewana?
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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2012 wrote:Ericsson wrote:2012 wrote:What's happening with Chase Bank? This matter has gone too silent. No suitors to buy the bank How safe are our deposits in banks if the Kenya Deposit Insurance Corporation is unable to function because it is not fully nor well constituted? I hear the Chase saga has stalled because of this whether by design or otherwise. But forget Chase, how safe are our deposits in banks knowing that this is an election year? Can the CS do the necessary urgently! As long as you have money in Kenya you can shaft people properly and get away with it...I am sure even the good Governor has realised that by now... possunt quia posse videntur
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Today is 29th March 3017.We have 2 days to go to 31st March the date Chase Bank is to be handed over to the new owners. I would have expected some flurry of activities by now.Any one with uhondo? @Maka pick one for me. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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What exactly does KDIC do, apart from procrastinating? Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Bigchick wrote:Today is 29th March 3017.We have 2 days to go to 31st March the date Chase Bank is to be handed over to the new owners.
I would have expected some flurry of activities by now.Any one with uhondo?
@Maka pick one for me. Haya umeona extension...hapo juu possunt quia posse videntur
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Citizen digital says CBK has invited bids for interested buyers.To submit bids by 21st April.What could have happened to the interested parties from UAE?? What will happen if there arr no takers? Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Bigchick wrote:Citizen digital says CBK has invited bids for interested buyers.To submit bids by 21st April.What could have happened to the interested parties from UAE??
What will happen if there arr no takers? KCB messed up this whole thing bure kabisa....The Qatari's would have owned chase bank by now. possunt quia posse videntur
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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maka wrote:Bigchick wrote:Citizen digital says CBK has invited bids for interested buyers.To submit bids by 21st April.What could have happened to the interested parties from UAE??
What will happen if there arr no takers? KCB messed up this whole thing bure kabisa....The Qatari's would have owned chase bank by now. It's not KCB that messed, they pulled out because the CBK Governor allowed the thieving Chase Directors back on the table instead of sending them to prison and the Finance CS failure to constitute the KDIC. There's more than meets the eye. The defrauded customers have formed a society to take matters under their own hands and ensure that they don't lose out the Kenyan way. I get shocked at how silent the government is on these matters.
BBI will solve it :)
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Rank: Elder Joined: 6/23/2009 Posts: 13,493 Location: nairobi
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2012 wrote:maka wrote:Bigchick wrote:Citizen digital says CBK has invited bids for interested buyers.To submit bids by 21st April.What could have happened to the interested parties from UAE??
What will happen if there arr no takers? KCB messed up this whole thing bure kabisa....The Qatari's would have owned chase bank by now. It's not KCB that messed, they pulled out because the CBK Governor allowed the thieving Chase Directors back on the table instead of sending them to prison and the Finance CS failure to constitute the KDIC. There's more than meets the eye. The defrauded customers have formed a society to take matters under their own hands and ensure that they don't lose out the Kenyan way. I get shocked at how silent the government is on these matters. @2012 SOO TRUE.. In Kenya its easy for mshtakiwa kuwa mshtaki for a couple of exchanged notes.. Its sad what is happening to our country
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:2012 wrote:maka wrote:Bigchick wrote:Citizen digital says CBK has invited bids for interested buyers.To submit bids by 21st April.What could have happened to the interested parties from UAE??
What will happen if there arr no takers? KCB messed up this whole thing bure kabisa....The Qatari's would have owned chase bank by now. It's not KCB that messed, they pulled out because the CBK Governor allowed the thieving Chase Directors back on the table instead of sending them to prison and the Finance CS failure to constitute the KDIC. There's more than meets the eye. The defrauded customers have formed a society to take matters under their own hands and ensure that they don't lose out the Kenyan way. I get shocked at how silent the government is on these matters. @2012 SOO TRUE.. In Kenya its easy for mshtakiwa kuwa mshtaki for a couple of exchanged notes.. Its sad what is happening to our country Jubilee is what is happening...  Kenya...smh possunt quia posse videntur
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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48 shareholders of Chase Bank write a protest letter to Central Bank of Kenya (CBK) asking to be part of the talks to sell the Bank. the 48 Shareholders own about 20 per cent of Chase Bank Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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For those who understand this buy off thing..please explain what will happen to the depositors funds?What about the loans?If one is stuck right now and and unable to pay the loans as earlier scheduled,can they negotiate with the Receiver Manager for extension of period? Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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Bigchick wrote:For those who understand this buy off thing..please explain what will happen to the depositors funds?What about the loans?If one is stuck right now and and unable to pay the loans as earlier scheduled,can they negotiate with the Receiver Manager for extension of period? Alaa.. People never stopped paying loans. Your loan account was to be serviced as usual. The CBK reported it had forcefully seized properties worth Sh7.9 billion camouflaged as Islamic joint ventures by Mr Khan and Mr Kabui, and charged them to the bank, paving the way for the re-opening of Chase Bank after a three-week closure.
Prime assets
The prime assets confiscated included the Watermark Business Park in Karen, a car park at Chase Bank’s headquarters on Riverside Drive, 240 acres of land on Mombasa Road, a three-acre plot next to the German Embassy on Riverside Drive, and various posh properties in Dubai.
“These companies are owned by the chairman, over 90 per cent of the ownership of those companies was the chairman and 10 per cent was the group MD,” Fredrick Aloo, a partner at Deloitte & Touche in charge of auditing Chase Bank’s accounts.What I don't understand is why these two thieves are not being arrested?!!!
BBI will solve it :)
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Bigchick wrote:For those who understand this buy off thing..please explain what will happen to the depositors funds?What about the loans?If one is stuck right now and and unable to pay the loans as earlier scheduled,can they negotiate with the Receiver Manager for extension of period? The buy-off thing has no impact on the rights of depositors or borrowers. Any investor who puts their money in the bank and wants to continue baking automatically moves to the back of the line behind the depositors when it comes to recovering their cash. On borrowers, again no impact, you must continue servicing your loan, and yes you can negotiate with the receiver manager to restructure your loan. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Obi 1 Kanobi wrote:Bigchick wrote:For those who understand this buy off thing..please explain what will happen to the depositors funds?What about the loans?If one is stuck right now and and unable to pay the loans as earlier scheduled,can they negotiate with the Receiver Manager for extension of period? The buy-off thing has no impact on the rights of depositors or borrowers. Any investor who puts their money in the bank and wants to continue baking automatically moves to the back of the line behind the depositors when it comes to recovering their cash. On borrowers, again no impact, you must continue servicing your loan, and yes you can negotiate with the receiver manager to restructure your loan. Thanks Obi. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Member Joined: 5/6/2008 Posts: 199
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Chase Bank loss...another case of cooking the books?
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