Tuesday, February 10, 2009

Nyaga Audit-wonder who was minding the shop

Ksh1.3bn flushed down.
Audit report received in November but still to be dealt with. Cleary Stella didn't lose any money.
  • Ntalami knew of the Nyaga issues since 2003, but was either (a) illiterate i.e. couldn't read (b) paid to look away (c) incompetent. This shows the folly of appointing somebody because they are well-known to you and or have some knowledge of the industry. Ntalami has history of straight dealings at the NSE. Not...Peterson Mwangi was appointed under the same system.
  • Senior NSE manager used Nyaga to trade illictly. Conflict of interests anyone?
  • Several banks helped Nyaga cash client cheques. Again it explains how a significant proportion of customers only ever get their cash when the broker decides its time to do so.
  • CDSC employees helped Nyaga trade with clients accounts. I've long feared that this was missing jigsaw in the puzzle of how broker employees have been able to trade with client's accounts. Many a time I've had to get sales or purchases reversed because they were done without my say so.
  • Finally, SIB's chairman talking about its precarious financials said “Right now business is so low that we are forced to eat into our own funds,”.

6 comments:

Ssembonge said...

Maina, Do we really know what else is going on in NSE right now? What other information are they sitting on?

maina said...

That my friend is the million dollar question. If they can suppress stuff like this for 5 years until it has the effect Nyaga has had, what else is in the cupboard?
It makes for an interesting trading environment for sure...

bankelele said...

I wish I could get the full report, maybe on wikileaks

ka-investor said...

"...eat into our own funds." could simply mean 'eat into investor funds'. this market went to the dogs long before kanu left kicc.

bankelele, i too need to ge my hand on that report and the KPMG one on Reliable.

MainaT said...

Banks/Kainvestor-I think the papers have given us as the juiciest pieces.
Kainvestor-I see you got the jist of what I was alluding at...

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