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CMA pushes Kenyan firms to acquire bank-backed guarantees in bond issue

CMA pushes Kenyan firms to acquire bank-backed guarantees in bond issue
theeastafrican.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theeastafrican.co.ke Daily Mail and Mail on Sunday newspapers.

Rwanda , Kakira , Jinja , Uganda , Kenya , Dar-es-salaam , Tanzania , Ugandan , Celestin-rwabukumba , Dar-es-salaam-stock-exchange , Chase-bank , Rwanda-stock-exchange

CMA admits it lacked powers to protect investors' lost billions

CMA admits it lacked powers to protect investors' lost billions
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.

Garissa , North-eastern , Kenya , Homa-bay , Nyanza , Kitui , Eastern , Kenyans , Aden-duale , Catherine-waruguru , Abubakar-hassan , Wyckliffe-shamiah

CMA boss grilled, MPs call for probe into billions lost at company

CMA boss grilled, MPs call for probe into billions lost at company
BUSINESS
Wyckliffe Shamiah, the CEO of CMA. [Courtesy]
The National Assembly is set to form an inquiry into Cytonn and other entities where investors have lost billions of shillings.
This is as MPs yesterday turned the heat on the Capital Markets Authority (CMA) accusing it of failing to protect investors in Cytonn, Imperial, and Chase bank bonds among others.
National Assembly Finance and National Planning Committee Chairperson Gladys Wanga lamented that Kenyans had been left on their own with the regulator appearing helpless and shifting blame.
“You just came to tell us it has nothing to do with you,” said Wanga.

Homa-bay , Nyanza , Kenya , Garissa , North-eastern , Wanga , Western , Kenyans , Aden-duale , Wyckliffe-shamiah , Cytonn-high-yield-solutions , Kenya-deposit-insurance-corporation

Deliver good governance to lower volatility

Deliver good governance to lower volatility
businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.

United-kingdom , Russia , Mumias , Western , Kenya , Athi-river , Eastern , Soviet , British , Warren-bennis , Burt-nanus , Us-army-war-college

North American Morning Briefing: Stock Futures -2-

North American Morning Briefing: Stock Futures -2-
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.

Colombia , Taiwan , Japan , Afghanistan , United-states , Beijing , China , Taipei , T-ai-pei , Port-au-prince , Ouest , Haiti

CBK blocked from disclosing report on Imperial Bank

CBK blocked from disclosing report on Imperial Bank
SAM KIPLAGAT
The Attorney-General has blocked the Central Bank of Kenya (CBK) from revealing or tabling in Parliament findings of a forensic audit on the collapse of Imperial Bank. CBK governor Patrick Njoroge and Treasury Cabinet secretary Ukur Yatani said the State could not share findings or summaries of the report with the National Assembly as required under Article 125 of the Constitution. Dr Njoroge said there are several cases related to the forensic audit that are before the courts and further work by investigating agencies was progressing. “The Attorney-General advised that, in the circumstances, sharing at this stage the findings and summaries of the forensic audit would undermine investigations and prejudice successful prosecution and defence of the ongoing cases. The overriding objective is to guard against prejudicing the course of investigations,” he said. Imperial Bank, which is under Kenya Deposit Insurance Corporation receivership, collapsed on October 13, 2015. The CBK put the bank under receivership for widespread manipulation of the IT system to conceal financial malpractices, an indication of money laundering and cheque kiting schemes. Initial reports indicated that Imperial Bank had a huge bad loan book, fictitious deposits, unsecured insider lending and conflict of interest by shareholders and directors. Imperial Bank directors were accused of failing to co-operate with the CBK on the reopening of the bank through their refusal to deposit Sh10 billion as the first step to reviving the lender. The CBK then went ahead in 2016 and hired FTI, a specialised forensic accounting consultancy, to Imperial Bank books and assist CBK and KDIC to institute criminal and civil proceedings against those responsible for the collapse of the bank. “Given the significance of these cases with respect to the financial sector and also the legal system, and the strong desire not to jeopardise their fair and prompt conclusion, CBK sees considerable risk,” Dr Njoroge said told the Finance Committee yesterday. He did not disclose the amount paid to FTI after Alego Usonga MP Samuel Atandi demanded to know why CBK still pays the auditor. He said CBK does not pay FTIs fees. “This FTI consulting is still in CBK payroll and receiving billions of shillings from 2015. The governor is hiding something. Tell us how much money is this company being paid monthly or has been paid,” said Mr Atandi.

Kenya , Samuel-atandi , Patrick-njoroge , Ukur-yatani , National-assembly , Kenya-deposit-insurance-corporation , Central-bank , Imperial-bank , Treasury-cabinet , Finance-committee , Alego-usonga , கேந்ய

CBK Denies MPs Access to Imperial Bank Billionaire's Details

CBK Denies MPs Access to Imperial Bank Billionaire's Details
kenyans.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kenyans.co.ke Daily Mail and Mail on Sunday newspapers.

Kenya , Westlands , Nairobi-area , Nairobi , Paul-kihara-kariuki , Patrick-njoroge , Abdulmalek-janmohamed , Kenya-deposit-insurance-corporation , Central-bank , Imperial-bank , General-paul-kihara-kariuki , Imperial-bank-managing-director

Honoring Sir Ganga Ram's Contributions to Pakistan

Honoring Sir Ganga Ram's Contributions to Pakistan
newsweekpakistan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweekpakistan.com Daily Mail and Mail on Sunday newspapers.

Renala , Punjab , Pakistan , Amar-sidhu , United-kingdom , Chenab , China , Muzaffarnagar , Uttar-pradesh , India , Faisalabad , Model-town

How individuals shape institutions - The Hindu BusinessLine

How individuals shape institutions - The Hindu BusinessLine
thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.

Kolkata , West-bengal , India , Mumbai , Maharashtra , Uttarpara , Lahore , Punjab , Pakistan , Bhawan , Uttar-pradesh , Pondicherry

Postal stamp on 10th anniversary of SBP Museum issued - Newspaper

KARACHI: Deputy Governor of the State Bank of Pakistan Sima Kamil attends a ceremony held here on Friday to mark the issuance of a commemorative stamp on the occasion of the 10th anniversary of the establishment of the bank’s museum.—Online
KARACHI: Deputy Governor of the State Bank of Pakistan Sima Kamil on Friday unveiled a commemorative stamp to mark the 10th anniversary of the establishment of the bank’s museum.
The design of the stamp is based on the SBP Museum’s building, featuring rich cultural heritage of the country and a manifestation of art in its architecture.

India , Pakistan , Karachi , Sindh , Imperial-bank , Deputy-governor-of-the-state-bank , Deputy-governor , State-bank , Pakistan-sima-kamil , Pakistan-post , இந்தியா