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Dubai Bank placed under receivership for 12 months
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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newfarer wrote:New International Version
Like a partridge that hatches eggs it did not lay are those who
gain riches by unjust means. When their lives are half gone, their
riches will desert them, and in the end they will prove to be fools . Jeremiah 17:11
Pole mawinder, learn a lesson, accept and move on Maybe I live in another country...the ones I know who gain by unjust means...are getting even more not losing. possunt quia posse videntur
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Rank: User Joined: 1/20/2014 Posts: 3,528
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maka wrote:newfarer wrote:New International Version
Like a partridge that hatches eggs it did not lay are those who
gain riches by unjust means. When their lives are half gone, their
riches will desert them, and in the end they will prove to be fools . Jeremiah 17:11
Pole mawinder, learn a lesson, accept and move on Maybe I live in another country...the ones I know who gain by unjust means...are getting even more not losing.  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 3/19/2010 Posts: 3,503 Location: Uganda
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maka wrote:newfarer wrote:New International Version
Like a partridge that hatches eggs it did not lay are those who
gain riches by unjust means. When their lives are half gone, their
riches will desert them, and in the end they will prove to be fools . Jeremiah 17:11
Pole mawinder, learn a lesson, accept and move on Maybe I live in another country...the ones I know who gain by unjust means...are getting even more not losing. Psalm 92:7 Living Bible (TLB) that although the wicked flourish like weeds, there is only eternal destruction ahead of them. punda amecheka
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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My money may be gone. I hear I may be compensated a paltry 100k then wait for the rest of the money.Wazuans saidieni tafadhali.
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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mawinder wrote:My money may be gone. I hear I may be compensated a paltry 100k then wait for the rest of the money.Wazuans saidieni tafadhali.
@Mawinder pole aki. The bank should have been put under receivership 2-3yrs ago....but the CBK guy was part of the plan then. Formally employed people often live their employers' dream & forget about their own.
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Rank: Elder Joined: 11/7/2007 Posts: 2,182
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That's the much one is entitled to and the depositors compensation fund. LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Rank: Member Joined: 7/3/2014 Posts: 245
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mawinder wrote:My money may be gone. I hear I may be compensated a paltry 100k then wait for the rest of the money.Wazuans saidieni tafadhali.
CBK has also appointed KDIC as liquidator of Dubai Bank Kenya. “At this point, all insured deposits shall be paid by KDIC up to a maximum of Sh100,000 per depositor. Any balances above this amount shall equitably be paid as and when the liquidator accumulates enough funds from sale of assets of the collapsed Bank and recoveries from outstanding loans and debts,” the corporation’s acting chief executive officer, Mr Aggrey Bett said recently in a statement. In the world of securities, courage and patience become the supreme virtues after adequate knowledge and a tested judgment are at hand.
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Rank: Member Joined: 12/2/2009 Posts: 299 Location: kenya
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So its like former CBK Gov.knew of this but he choose to go mum.Who will protect Wanjiku??? http://http://www.businessdaily...4/-/pyq50lz/-/index.html
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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Shairman+former CBK guy+CID Director=Wanjiku screwed.That was the scheme. Formally employed people often live their employers' dream & forget about their own.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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@mawinder you can go for 100k on Monday!!! http://www.businessdaily...8/-/1r2rtoz/-/index.htmlFormal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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Why only up to 100k. If my deposit is more than that what happens? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Angelica _ann wrote:Why only up to 100k. If my deposit is more than that what happens? Max insured amount under the Deposit Insurance Scheme established in 1985 and managed by the Deposit Protection Fund Board, Section 36 of Banking ActPesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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@mawinder sorry for your loss. To protect yourself from a similar encounter in the future read up on fractional reserve lending. It is practically impossible for dubai bank or any other bank for that matter(solvent or not) to pay up on all cash deposits at the same time. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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You get a Ksh100k and then get in the queue of losers to await whatever can be gleaned from the sale of assets with the deposit scheme being the first in the queue. You also learn a valuable lesson in life. Angelica _ann wrote:Why only up to 100k. If my deposit is more than that what happens? Sehemu ndio nyumba
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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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Sub-standard wrote:More than Sh1.3 billion worth of deposits remains unclaimed in Dubai Bank three months after it collapsed, raising fears that most account holders may have been using the lender to run illegal activities.
Central Bank of Kenya yesterday said only 561 out of 7743 depositors of the collapsed lender had come forward to claim their cash, and had collectively been paid Sh37 million. The huge bulk of faceless account holders is now worrying authorities over the possibly links to money laundering and worse, terror financing.
CBK Governor Patrick Njoroge told Senators yesterday that it was disturbing that the account holders had not been identified, and is now opting to involve the police in identifying them. “I think something else is going on there (in Dubai Bank),” Dr Njoroge said, adding that it was not normal for legitimate depositors to take so long to identify themselves. Dubai Bank sank with about Sh1.35 billion in customer deposits and is currently under liquidation.
Read more at: http://www.standardmedia...-at-collapsed-dubai-bank"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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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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What If this is the money public servants steal from the citizens.
Would you go and claim yourself if you were the owner.
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Rank: New-farer Joined: 12/1/2014 Posts: 45 Location: Nairobi
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streetwise wrote:What If this is the money public servants steal from the citizens.
Would you go and claim yourself if you were the owner. There is now more than meets the eye in the Dubai saga. You cant plead with depositors to come for their moneys in this time and era, something fishy is about to be unleashed. The CBK has said they will now use police to identify the depositors, KYC compliance about to be exposed. More drama about to unfold..
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Rank: Member Joined: 2/9/2012 Posts: 576
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Dr Njoroge will do his job but the culprits in money laudering will not be brouht to book.Once the police take over.sadly. Africa belongs to Africans.
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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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BD wrote:Six individuals and their companies were behind last year’s sudden collapse of Dubai Bank, an auditing firm that inspected the lender’s books in the past decade has revealed.
Crowe Horwath, through its local partners Horwath Erustus and Company, told Parliament that Dubai Bank collapsed under the weight of a Sh4 billion loan book, out of which Sh2.5 billion was non-performing, at the end of December 2014.
Celphas Osoro, the external auditor in charge of Dubai bank at the time of its collapse in August last year, told the National Assembly’s Finance, Planning and Trade Committee that Sh1.9 billion of the non-performing loans had been disbursed to 10 companies, some of which had common shareholding.
“If you are to lift the corporate veil, you will find that five or six persons had been lent Sh1.9 billion that were non-performing. This represented 76 per cent of the non-performing loans,” Mr Osoro told the committee chaired by Ainamoi MP Benjamin Lang’at.
A search at the Registrar of Companies revealed that Dubai Bank’s heavy borrowers’ list is made up of politically connected businessmen such as former Nakuru stalwart Geoffrey Asanyo, Cyrus Jirongo and Benson Ndeta.
The committee is investigating the circumstances that led to the collapse of Dubai Bank and two other lenders, Imperial and Chase banks, in a span of nine months.
Mr Osoro told MPs that most of the individuals behind the six companies at Dubai Bank “were politically exposed persons, one of whom had loans amounting to Sh890 million or 88 per cent of lenders core capital”.
The list of “politically exposed persons” and companies with non-performing loans at Dubai Bank includes Zap Group (Sh889 million), Kwanza Estates (Sh412 million), Sololo Outlets (Sh103.2 million), Kuza Farms and Allied (Sh249 million) and Torino Enterprises Limited (Sh138.9 million).
The auditors also revealed that Dubai Bank’s collapse was caused by several other factors, including insider lending, disbursement of unsecured loans, inadequate working capital and lack of an internal audit unit and a chief finance officer.
http://www.businessdaily.../1/-/cyq6hc/-/index.html"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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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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murchr wrote:[quote=BD]Six individuals and their companies were behind last year’s sudden collapse of Dubai Bank, an auditing firm that inspected the lender’s books in the past decade has revealed.
Crowe Horwath, through its local partners Horwath Erustus and Company, told Parliament that Dubai Bank collapsed under the weight of a Sh4 billion loan book, out of which Sh2.5 billion was non-performing, at the end of December 2014.
Celphas Osoro, the external auditor in charge of Dubai bank at the time of its collapse in August last year, told the National Assembly’s Finance, Planning and Trade Committee that Sh1.9 billion of the non-performing loans had been disbursed to 10 companies, some of which had common shareholding.
“If you are to lift the corporate veil, you will find that five or six persons had been lent Sh1.9 billion that were non-performing. This represented 76 per cent of the non-performing loans,” Mr Osoro told the committee chaired by Ainamoi MP Benjamin Lang’at.
A search at the Registrar of Companies revealed that Dubai Bank’s heavy borrowers’ list is made up of politically connected businessmen such as former Nakuru stalwart Geoffrey Asanyo, Cyrus Jirongo and Benson Ndeta.
The committee is investigating the circumstances that led to the collapse of Dubai Bank and two other lenders, Imperial and Chase banks, in a span of nine months.
Mr Osoro told MPs that most of the individuals behind the six companies at Dubai Bank “were politically exposed persons, one of whom had loans amounting to Sh890 million or 88 per cent of lenders core capital”.
The list of “politically exposed persons” and companies with non-performing loans at Dubai Bank includes Zap Group (Sh889 million), Kwanza Estates (Sh412 million), Sololo Outlets (Sh103.2 million), Kuza Farms and Allied (Sh249 million) and Torino Enterprises Limited (Sh138.9 million).
The auditors also revealed that Dubai Bank’s collapse was caused by several other factors, including insider lending, disbursement of unsecured loans, inadequate working capital and lack of an internal audit unit and a chief finance officer.
http://www.businessdaily...1/-/cyq6hc/-/index.html[/quote] Crap article by Business Daily
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