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The Acorn Saga - Britam vs Cytonn
Rank: Member Joined: 2/8/2007 Posts: 808
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Dooh do? Maji kwisha zidi unga hapa afrosinema naona. Naskia uvumi eti jamaa wala sima na haragwe leo. Is that possible?
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Rank: Chief Joined: 1/3/2007 Posts: 18,101 Location: Nairobi
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VituVingiSana wrote:And another wrinkle in the saga. I have a feeling Britam knew that using Ngatia (in front on Onyocha) would benefit them! Coz Ngatia can talk to Onyocha on the basis of a confidential client-lawyer relationship... And that can always be used as a cover to discuss other things! Here is the link to this murky saga http://www.businessdaily...2/-/147k0i6/-/index.htmlGreedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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A little clearer the saga (more insights) http://www.nation.co.ke/busines...6/-/8yrggxz/-/index.html...but with Mbaru and Wairegi on Acorn board, that money can't get lost. Acorn have a right to keep their company, just as BritamEA has a right to get their 3.2bnThings might change but as they stand the real foolhardy move was Acorn's decision to work with the bunch from Cyton after they scorned their employer - gosh!
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Rank: Chief Joined: 1/3/2007 Posts: 18,101 Location: Nairobi
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Nasty and nastier. http://www.businessdaily.../-/w78hcgz/-/index.html
Police even arrested some of the Cyton chaps! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 1/15/2010 Posts: 625
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It's like in the lion pride when some adolescent lions try to challenge the pride king by making advances on the lionesses. Punishment is quick and brutal. They've already spent a night in prison for this alas!
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Rank: Member Joined: 9/2/2010 Posts: 563 Location: Embakasi
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This thing should be turned into a TV show, gripping story! In a place where thought is abandoned, freedom can become a curse.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Commingled funds. Bookmark that term. It'll be relevant in future when the drama ends. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 5/13/2008 Posts: 558
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muganda wrote:A little clearer the saga (more insights) http://www.nation.co.ke/busines...6/-/8yrggxz/-/index.html...but with Mbaru and Wairegi on Acorn board, that money can't get lost. Acorn have a right to keep their company, just as BritamEA has a right to get their 3.2bnThings might change but as they stand the real foolhardy move was Acorn's decision to work with the bunch from Cyton after they scorned their employer - gosh! SY-tan guys had a strategy, but their execution was completely bonkers. They knew the shareholding structure of Ar-CON, Their "former" employer had stake in it, but were very greedy to anticipate the fallout. It will be an interesting and brutal experience for them. I hope they had another client in mind. At the rate things are going,.... things may get Sy-tanic
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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The daily drama... So entertaining like Enron... http://www.businessdaily...1/-/b63aly/-/index.html
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 11/7/2013 Posts: 127 Location: Nairobi, Kenya
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If you transfer funds before the paperwork is complete, that is, gets through all those levels of management bureaucracy because of urgent matters financial, should that be considered as Fraud? When 1-1.6 Bn of the 3.9 Bn is moved in a day until the CEO of the receiving bank gets involved due to the sheer transcation size, is that not a sign that a pressing deal had to be concluded? Hot/ investment grade real estate (or purchase of it- is no joke) When Britam are out to arm-twist for a bigger share of the kid-on-the-block's lunch, is that not corporate bullying? When the Bully cannot get what it wants, it hits the face and damages the image (reputation in this case) of the Kid's new bestie (Cytonn)... Now the bestie can't approach the beauties (rather the beautiful dollars) that cometh from the Diaspora...not without plastic surgery (in this case reputation re-establishment)...it shall be received with suspicion galore otherwise. Never take the happenings in the corporate world at face value. I went into the (Ferry) industry knowing the same thing I knew with all other businesses I went into- Nothing. Then I built it from there. - Sheldon Adelson (Titans at the Table- Giants of Macau)
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bn That outcome I'm prepared to take at face value 
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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muganda wrote:Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bnThat outcome I'm prepared to take at face value To Britam, only a refund of 3.2B. Acorn has a ton of suitors waiting on the same deal. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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hisah wrote:Commingled funds. Bookmark that term. It'll be relevant in future when the drama ends. Segregation of funds... possunt quia posse videntur
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Rank: Elder Joined: 8/16/2011 Posts: 2,297
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Rank: Member Joined: 11/7/2013 Posts: 127 Location: Nairobi, Kenya
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Obi 1 Kanobi wrote:muganda wrote:Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bnThat outcome I'm prepared to take at face value To Britam, only a refund of 3.2B. Acorn has a ton of suitors waiting on the same deal. I agree & can assure anyone of this elderly master (Obi 1)...and that, even Britam knows. They are not willing to risk that for anything (except an equity increase) Britam's problem is not with Acorn, its with Dande et al....NOT fundraising for Acorn takes away their leverage as Britam for increasing their stake in the not-so far future...real estate needs THE pockets...their take was to come-on board as financing partners as you cannot under estimate the funds available to insurance companies combined with their asset management units...now that that's technically gone... I went into the (Ferry) industry knowing the same thing I knew with all other businesses I went into- Nothing. Then I built it from there. - Sheldon Adelson (Titans at the Table- Giants of Macau)
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Rank: Hello Joined: 11/12/2014 Posts: 4
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Investreal wrote:http://www.cytonn.com/public-documents/replying-affidavit-from-edwin-and-cytonn-team.pdf
The drama goes on. A lot of propaganda, but verily the matter lies with these bullets: 51. That on July 18, 2014 Kirathe met Dr. Wairegi. It is clear from the notes of the meeting i) group was not satisfied with the returns it was gettting ii) Britam wanted bigger stake in Acorn ....
53. That on July 24, 2014 Dr. Wairegi stopped payments from bank accounts to any LLP...
55. That on July 31, 2014 we wired from BREF as equity disbursements sums due to various SPVS...
56. That on Aug 06, 2014, we redistrubted the funds...
58. ...members of the Real Estate team and I had thrown in the towel..If funds of BAAM earned a deficient return or were lost, who would be liable, Britam or Dande? His affidavit presumes his mandate and stature exceeds that of a listed company. And so in point 55, 56 he ignores instructions (proceeds to wire money to his future partners) and in point 58 throws in the towel!
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Rank: Veteran Joined: 4/1/2009 Posts: 1,883
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muganda wrote:Investreal wrote:http://www.cytonn.com/public-documents/replying-affidavit-from-edwin-and-cytonn-team.pdf
The drama goes on. A lot of propaganda, but verily the matter lies with these bullets: 51. That on July 18, 2014 Kirathe met Dr. Wairegi. It is clear from the notes of the meeting i) group was not satisfied with the returns it was gettting ii) Britam wanted bigger stake in Acorn ....
53. That on July 24, 2014 Dr. Wairegi stopped payments from bank accounts to any LLP...
55. That on July 31, 2014 we wired from BREF as equity disbursements sums due to various SPVS...
56. That on Aug 06, 2014, we redistrubted the funds...
58. ...members of the Real Estate team and I had thrown in the towel..If funds of BAAM earned a deficient return or were lost, who would be liable, Britam or Dande? His affidavit presumes his mandate and stature exceeds that of a listed company. And so in point 55, 56 he ignores instructions (proceeds to wire money to his future partners) and in point 58 throws in the towel! only payments from the cms and mezz fund were stopped.
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Rank: Member Joined: 6/20/2007 Posts: 25
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If Britam had kept their personnel happy, then they wouldn't have left. The Britam wazees need to become non-executive directors and leave the running of the company to the younger generation. A true partnership of wazees and vijanas is a nightmare for the competition. Well-educated vijanas with decades of experience have refused to become spanner boys.
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Rank: Hello Joined: 11/12/2014 Posts: 4
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obviously reading the young man's replying affidavit, it was obvious that him and the wazees were reading from different pages. looks like ed and team were concerned about baam investors and the wazees were only concerned about their pockets. their job was to make money for investors and charge a fee, but looks like wazee wanted them to make money for them only, and at no fee.and by the way, who is wairegi to stop payment? ...he is not the fund manager. so we are getting closer to the story: britam says it was defrauded, acorn says it is being forcefully acquired, and cytonn says they did not want to be used to screw investors. so who is right? as for wairegi, he looks very clueless sana, how do you say you were defrauded of 4 billion invested over a 4 month period? he def did not understand what was going on in baam at all, i think dande played him like a guitar. that mzee needs to go home. hope he has a clue what is going on in insurance and sales, maybe he is losing billions there too?
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The Acorn Saga - Britam vs Cytonn
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