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Now Imperial Bank under receivership for 12 months
Rank: Elder Joined: 2/26/2012 Posts: 15,979
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dunkang wrote:Impunity wrote:Msa Liti wrote:Hearing G*** too is in sh#t as well!
Don't quote me Gu****an Bank  Guaranty??? Guardian iko nini? "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: 9/15/2006 Posts: 3,901
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NAIROBITECH blog interesting, probable, quips http://nairobitech.blogspot.co....ial-bank-goes-under.htmlQuote:Sources indicate that evidence of parallel banking operations being ran within the bank were discovered as the bank sought went through a succession process in its top management.
The shocking development comes against the backdrop of the death of the bank's MD Janmohammed on September 15, 2015 of a reported heart attack.
It also comes at a time when the economy is experienced a cash crunch suggesting that the lender was perhaps experiencing problems meeting its obligations as and when they became due.
The bank lent other banks money as recently as yesterday before today's announcement.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Emerger wrote:Its a sad state coming as a shock to all stakeholders.
Information has it that since the passing of the former group MD there has been serious wrangles in the management with other shareholders seeking to have their own as the lead. The head credit had been appointed as the acting. The bank majorshareholder is Imperial Securities Ltd whose principal shareholder is the late 'Janmohamed'
Its more of a statutory management under CBK to held control the wrangles rather than a receivership which is more worse.
Lets wait for KDIC to give a way forward, No need to panic i would say. Hahahaha. A newbie spreading the word. Nikubaya boss! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 2/1/2010 Posts: 272 Location: Nairobi
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KulaRaha wrote:enyands wrote:guys I don't think there has to be anything with the books. there is more to it. there was something illegal contrary to the common banking rules and regulations that was flawed by this bank in both countries. there is either money laundering or something.....it will surface Or maybe its an inexperienced CBK Governor using a hammer to open a groundnut, with little regard to the damage this can do to the whole system? The harder you work, the luckier you get
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Rank: User Joined: 1/20/2014 Posts: 3,528
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I still believe it is the sudden/unexpected death of the late MD that has opened the Pandora’s Box. There must have been unethical practices chini ya maji and he must have known how to play his game. Some uninitiated guy(s) must have come to the table and spilled the beans. Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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Othelo wrote:I still believe it is the sudden/unexpected death of the late MD that has opened the Pandora’s Box. There must have been unethical practices chini ya maji and he must have known how to play his game. Some uninitiated guy(s) must have come to the table and spilled the beans. I believe so too...that's why its very wise to stay away from establishments that evolve around one man....when the cookie crumbles...it crumbles. "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: 3/2/2009 Posts: 26,325 Location: Masada
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murchr wrote:dunkang wrote:Impunity wrote:Msa Liti wrote:Hearing G*** too is in sh#t as well!
Don't quote me Gu****an Bank Guaranty??? Guardian iko nini? Ni kufyamest! Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 8/10/2014 Posts: 955 Location: Kenya
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I just hope no Tier 1 bank lands in the crushing jaws of CBK
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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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Bank of Uganda has taken over Imperial Bank Uganda. Bank will remain open but operations will be under Bank of Uganda "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: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Emerger wrote:Its a sad state coming as a shock to all stakeholders.
Information has it that since the passing of the former group MD there has been serious wrangles in the management with other shareholders seeking to have their own as the lead. The head credit had been appointed as the acting. The bank majorshareholder is Imperial Securities Ltd whose principal shareholder is the late 'Janmohamed'
Its more of a statutory management under CBK to help control the wrangles rather than a receivership which is more worse.
Lets wait for KDIC to give a way forward, No need to panic i would say. Welcome to Wazua @Emerger! Thanks for the info. You have raised a very pertinent issue... Second generation Indians are not planning sufficiently for succession! Life is short. Live passionately.
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Rank: Member Joined: 3/23/2011 Posts: 304
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Lots of talk doing the rounds that CBK has another 2 banks ("Asian Owned") on their list set for receivership? Can anyone confirm this? You dont have to be great to START but you have to start to be GREAT!!!!!!!!
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Impunity wrote:murchr wrote:dunkang wrote:Impunity wrote:Msa Liti wrote:Hearing G*** too is in sh#t as well!
Don't quote me Gu****an Bank Guaranty??? Guardian iko nini? Ni kufyamest! I thought Guardian is owned by Chandaria?
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Rank: Member Joined: 10/27/2010 Posts: 266 Location: Nairobi
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Sad state of affairs. Has any bank survived after being placed under Statutory Management? If it does reopen, I'd imagine that the first order of business for depositors would be to salvage their deposits.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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watesh wrote:I just hope no Tier 1 bank lands in the crushing jaws of CBK Imagine #Member being under receivewhatever...si kenya mataisha!  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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mawinder wrote:Impunity wrote:murchr wrote:dunkang wrote:Impunity wrote:Msa Liti wrote:Hearing G*** too is in sh#t as well!
Don't quote me Gu****an Bank Guaranty??? Guardian iko nini? Ni kufyamest! I thought Guardian is owned by Chandaria? Why do you think a Chandarian-owned bank cannot TANK? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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sparkly wrote:Emerger wrote:Its a sad state coming as a shock to all stakeholders.
Information has it that since the passing of the former group MD there has been serious wrangles in the management with other shareholders seeking to have their own as the lead. The head credit had been appointed as the acting. The bank majorshareholder is Imperial Securities Ltd whose principal shareholder is the late 'Janmohamed'
Its more of a statutory management under CBK to help control the wrangles rather than a receivership which is more worse.
Lets wait for KDIC to give a way forward, No need to panic i would say. Welcome to Wazua @Emerger! Thanks for the info. You have raised a very pertinent issue... Second generation Indians are not planning sufficiently for succession! True sparkly I have seen a once healthy indian business crumble when his son took the wheels upon his death Sorry to the investors and employees whose livelihoods have been dimmed punda amecheka
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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Impunity wrote:watesh wrote:I just hope no Tier 1 bank lands in the crushing jaws of CBK Imagine #Member being under receivewhatever...si kenya mataisha! This one will be termed a national disaster and UK or whoever will have to intervene. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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Caramba wrote:Sad state of affairs. Has any bank survived after being placed under Statutory Management? If it does reopen, I'd imagine that the first order of business for depositors would be to salvage their deposits. I think Charter house bank, I dont know how its doing tho. But expect depositors taking their money...you'd rather hide it under the mattress "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: Member Joined: 7/3/2014 Posts: 245
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Impunity wrote:watesh wrote:I just hope no Tier 1 bank lands in the crushing jaws of CBK Imagine #Member being under receivewhatever...si kenya mataisha! Too big To fail Quote:
During a similar period in Nigeria during the global economic
meltdown and accompanying financial crisis, the governor of the
Central Bank of Nigeria, Lamido Sanusi, sacked the bosses of five
banks after he realized they were permanently borrowing from the
CBN's discount window meaning they were borrowing to meet daily
obligations.
Currently, the CBK in Kenya has effectively locked the discount
window forcing the banking industry to either borrow within itself
or unwind from the holdings of government debt it has.
CBK said it was ordering the takeover of Imperial Bank in the
interest of debtors, creditors and members of the public.
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: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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sparkly wrote:KulaRaha wrote:enyands wrote:guys I don't think there has to be anything with the books. there is more to it. there was something illegal contrary to the common banking rules and regulations that was flawed by this bank in both countries. there is either money laundering or something.....it will surface Or maybe its an inexperienced CBK Governor using a hammer to open a groundnut, with little regard to the damage this can do to the whole system? The man cannot be swayed with money, women or vanity. bankers are on their own... @kularaha u made my day .the man cannot be swayed Especially with women lol . Samson alianguka because of Delilah , Adam alianguka because of eve. King David alianguka the same , 2nd president wetu aliimarika by being solo. So my point is this huyu jamaa will do good since the greatest weakness men have has been overcomed .on a lighter note though
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Now Imperial Bank under receivership for 12 months
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