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ReNaissance Capital Brokers Suspended by CMA
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Ballistik
#1 Posted : Friday, July 03, 2009 8:06:00 AM
Rank: Member


Joined: 6/18/2009
Posts: 16
Todays New Vision Pg.7 ........according to the CMA notice,the Broker didnt meet requirements in terms of Capital adequacy and record keeping....the suspension is for 2 months.


Ballistik........
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PONDI
#2 Posted : Friday, July 03, 2009 8:17:00 AM
Rank: Veteran


Joined: 5/8/2007
Posts: 885
lol...and when will the same authorities make a decisionon regarding the brokers on conditional licences??

He who laughs last thinks slowest..
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jerry
#3 Posted : Friday, July 03, 2009 8:31:00 AM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
Was the lodging of claims with DSL statutory managers extended to 31 Jul? Should the transfers of shares not have been done by now for at least those who appeared 1st week?

Hotels will always serve the fruits/vegs of the season. In stocks,ur duty as a trader is to identify the HOTshare of the season.
The opposite of courage is not cowardice, it's conformity.
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mwanahisa
#4 Posted : Friday, July 03, 2009 8:51:00 AM
Rank: Elder


Joined: 6/2/2008
Posts: 1,438
I am sure you mean Renaissance Capital Brokers of Uganda being suspended by CMA of Uganda. As far as I know Renaissance Kenya is one of the most heavily capitalised brokers/Investmant bank in Kenya. Kindly clarify.

Opportunity calls but few respond.
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Mainat
#5 Posted : Friday, July 03, 2009 8:54:00 AM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
Most Rencap's staff including the CEO have transferred themselves to Equity


www.mjengakenya.blogspot.com
Sehemu ndio nyumba
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mwanahisa
#6 Posted : Friday, July 03, 2009 9:11:00 AM
Rank: Elder


Joined: 6/2/2008
Posts: 1,438
@Mainat. Indeed! But the fellas left Rencap's monetary capital intact. Admittedly,the loss of human resource in such a major way is a serious blow. BTW,I was expecting to hear more from Equity once the likes of Maina Mwangi et al defected to JM's shop. They have been rather quiet which has been pretty dissapointing. I have not seen or heard them shaking up the market,as I expected. Any insights?


Opportunity calls but few respond.
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Mainat
#7 Posted : Friday, July 03, 2009 9:40:00 AM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
My understanding,they were brought in to steady the ship as the outfit was becoming a bit of a risk from an operational risk pt of view.

www.mjengakenya.blogspot.com
Sehemu ndio nyumba
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Mpenzi
#8 Posted : Friday, July 03, 2009 10:33:00 AM
Rank: Veteran


Joined: 10/17/2008
Posts: 1,234
@ Mainat
from your rumour-mongering its so obvious you work for one of the big foreign banks. what is the basis of your 'understanding'?
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Mainat
#9 Posted : Friday, July 03, 2009 11:54:00 AM
Rank: Veteran


Joined: 11/21/2006
Posts: 1,590
Senor mpenzi-if you know plse just state. FYI- I am long-term Equity shareholder

www.mjengakenya.blogspot.com
Sehemu ndio nyumba
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Ballistik
#10 Posted : Friday, July 03, 2009 12:02:00 PM
Rank: Member


Joined: 6/18/2009
Posts: 16
Just some form of clarification,its renaissance from U.G

Ballistik........
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VituVingiSana
#11 Posted : Friday, July 03, 2009 8:51:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,098
Location: Nairobi
RenCap (Uganda) belongs to a Zimbabwe firm. No connection with Kenya's RenCap.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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