do you have details/extracts of the financials?

1.4B LOSS!!
Just downloaded 2014 report and I must say this is a bad joke.Read the auditors statement on page 31&32 plus page 46 on administrative costs.
This is madness.

Funny thing is I'm meant to understand that during the AGM as they read the 1.4b lossthe shareholders were excited and clapping hands with applause .something is missing here . All I needed was a confirmation that this was a joke, and for sure it had come to pass .

@BGL has gone silent for awhile .

Nothing to say but am really sad for the shareholders. From an economic standpoint no hope for FEP, maybe a few years from now but before the money comes back it will be blood,toil and sweat. Another home afrika in the making. 1.4 billion loss is spectacular.

Just before the AGM there was on the media all over talking about the progress that have been made and lawsuit against some dudes who were complaining about the practices of the company on social media.
now that the stage marching was done through successful media coverages, campaigns and hoodwinks ,they have gone back to the cocoons to relax till next year and start media campaign again, one more time just before the AGM.For now its time to go hibernation and rest till winter comes next year!!handover a loss of 2.8 billion and let the docile investors clap their hands in applauding the launched of -ve profit

Morality of FEP Coming to Diaspora to Jolt their Already Hurting Wallet: Why Allow it?
By Mwakilishi | Mon, 03/28/2016 06:48PM -0400

An Email forwarded by FEP Diaspora representative to me states, “As the financial year comes to a close, FEP Holdings Ltd together with Credit Bank have announced a PPO process on the road map to acquire substantial control of the bank.” Before we talk about Credit Bank, the CEO of FEP should first account for the billions of shillings he has collected from Diaspora since 2011. Diaspora FEP investors should not this time around invest blindly. The fact that the Credit Bank reported a loss of (Kshs 91 million) in 2014 and in 2015 reported a loss of (Kshs 196 million) should make Diaspora pause.

As a Diaspora person who invested in FEP and has never received any details of what my money did; I’m not surprised that FEP CEO thinks Diaspora money is earned easily. For Diaspora to be able to progress, they now need to use their intellectual capital to protect the cash capital they earn from hours of hard work.

Whereas the expansion of Credit Bank is a noble cause; this should not be used by the FEP CEO to hide the unresolved issue of billions of shillings Diaspora put inside FEP that remains undisclosed and unaccounted for. Myself and thousands of Diaspora Kenyans who put in billions of shillings into FEP through shares of Kshs 200,000 to even more than Kshs 600,000 each have yet to know what their money did or is doing.

In the Credit Bank offer, I was surprised to notice some of FEP capital was recently invested to buy 5% share capital of Credit bank. This means my money and thousands in Diaspora money held by FEP was invested to make 5% of the (Kshs 196 million) reported loss by Credit Bank or our capital incurred (Kshs 8.4 million) loss.

The Kshs 8.4 million loss interpreted in another way means, “The best investment the CEO of FEP can achieve with investor’s money is an investment of their money to make loses.” This of course is understandable for this guy has never stood on concrete floors for 16 hours and felt the pain of hard work in his body as many Diaspora experience every day as they work to earn the money he is now recklessly wasting.

As a shareholder of FEP, I did not know that FEP had invested in the Bank before I read this offer. I wonder how many of those in Diaspora in FEP whose money was invested did not know. The Board of Directors of a company most important responsibility is to keep the shareholders who funded the company informed of any investments and plans they intend to apply the capital of shareholders.

Bernard L. Madoff pyramid scheme that was exposed in 2008 and destroyed many families in the U.S as millions of dollars were lost did not start as a Ponzi scheme. It turned to a Ponzi scheme when Madoff started to lie and not disclose to investors the truth. The fortunate thing is Madoff’s incident in the USA was challenged legally and this rotten man who lied to the innocent people who had entrusted him with their money was put to jail.

The articles and letters I have read on FEP, including the one pasted below, follow the same traits. FEP CEO has denied the Diaspora investors (Shareholders) their right to know what their money is doing. The fact that legal system in Kenya is today not able to fully detect and deter Ponzi schemes leads to those involved going scotch free as they continue to flourish from ill-gotten wealth from others’ sweat. Remember the Pyramids schemes in Kenya a few years ago that were schemed by some folks and outstanding Church leaders/Bishops that destroyed so many innocent lives?

For those of us Diaspora in FEP, the only way to ensure the FEP CEO does not lead you to having an economic depression is to educate yourself. Secondly, the Diaspora in FEP should join together to ensure our capital is not lost. Thirdly, Diaspora should stop funding scripted speeches that promise them heaven and once money given, it is never accounted for. Many of us put our credibility online to introduce our friends to FEP in good faith which was trashed by FEP’s shrewd maneuvers. Today when I talk to Diaspora Kenyans who tell me they sent thousands of their cash to FEP and have no accounting documents to show for their money, this appalls me.

Now, and without shame, the FEP CEO comes in a rush asking thousands in Diaspora (inside FEP) to open their wallets to invest Kshs 5.4 billion through buying 30 million shares at Kshs 180. Those of us in Diaspora are expected to accept that the civil case Nyanza spinning and weaving mills limited verses Credit Bank that seeks damages for Kshs 2 billion form Credit Bank will not be awarded Kshs 2 billion. The explanation by the PPO experts that the worst case scenario is the liability cannot exceed Kshs 150 million explains that Credit Bank did something they think they could pay Kshs 150 million. The Diaspora should understand that if a court can make a ruling of Kshs 150 million so can it rule Kshs 2 billion.

The FEP CEO did not organize the Diaspora to invest their money in Kenya. The Diaspora opened up their resources and organized themselves hoping he was a great trustworthy entrepreneur. Many of us liked that he had the guts to try and had conviction, which are the trademarks of entrepreneurship. However, the flow of cash likely turned him to become this person who hungers for more cash. This is similar to a good worker who is employed in a brewery who rather than ensure a production life runs smoothly ends up spending more time drinking the beer from the production line.

Investing in Credit Bank is not a bad idea for Diaspora in FEP. The only bad idea is that this investment is been used as a gimmick to wipe away or hide what many have been complaining about FEP since investing their hard earned cash. Diaspora in FEP can protect their capital through a (Diaspora in FEP registry,) that establishes Diaspora persons in FEP and the capital invested in FEP in a registry.

On Investment in Credit Bank, Diaspora in FEP should inject their capital through a system like the one that happened in the Equity Bank capitalization of 2007 when “Helios Investment fund,” invested $178.7 million dollars (about Kshs 12 billion.) The Kshs 12 billion Helio’s Fund invested in Equity Bank was represented by two professionals who took two seats in the Equity Board of director’s. These arrangement is part of the great story that has led to Equity Bank growth from a bank that reported profits of Kshs 1 billion 2006 to one that reported profit of Kshs 24 billion in 2015. This is because the investor’s capital performed profitable work and was not wasted.

Since 2011 thousands in Diaspora who became FEP investors have spent thousands of hours complaining, pondering and agonizing on the decision to invest in FEP. Today I doubt the Diaspora money in FEP has gone to profitable work, for if it had, the complaining and anger would not be there. Indeed I would not be surprised if after the (Diaspora in FEP Registry) is created we find out that most of this money was wasted funding, “The global sale of FEP shares,” rather than financing profit generating ventures.

Credit Bank 2015 made a loss of (Kshs 196 million). Credit Bank in 2014 reported a loss of (Kshs 91 million). Credit Bank is currently sued for Kshs 2 billion. Diaspora in FEP are now been hoodwinked to jump blindly without knowing the protective pillars to secure their capital from the growing loses the bank is incurring that currently total Kshs 287 million or secure their capital from been used to pay a verdict as high as Kshs 2 billion. Diaspora in FEP should remember the story on Lehman Brothers Holdings Inc., a global financial services firm that collapsed after 158 years. They should ask: Why is Credit Bank making loses?

It is time Diaspora in FEP understand that the only way the Diaspora have a chance to protect their money in the investment of Kshs 5.4 billion ($54 million) is through having competent Diaspora representations protect this capital just like the Helios fund of $178.7 million invested in Equity Bank 2007 was protected by two competent representatives.

The first step the Diaspora in FEP should do is establish a (Diaspora in FEP Registry) that defines them and their collective capital injected in FEP. This registry will enable Diaspora to salvage the little money left inside FEP. The second step is to get the professionals from Diaspora to represent their investments in Credit Bank if the Diaspora professionals deems it a sound investment venture.

Diaspora, should not bite at the bait of these pleasurable promises advanced through media hype till we know there is no hook beneath (the bait). The hook can be buying somebody a pristine lifestyle while you in Diaspora is forced to live in dust of slavery by these upcoming business styled “Niccolo Machiavellis”.

Diaspora work hard. Each of us should protect the sweat of our brow and our intellect. It is time that Diaspora used their intellect to protect their hard-earned cash capital.

Due diligence is key to any investment

These guys are good at PR