Tuesday, July 04, 2006
BARS for Sale
The Weekly Citizen reports that Barclays has put up its troubled Barclays Advisory and Registrar Services (BARS) unit up for sale. There have been numerous complaints at recent AGM’s of poor/slow shareholder services at BARS, which has also weathered a long-running fraud case regarding dormant shareholder funds.
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4 comments:
Question does the the weekly citizen have a website?
If so pliz give us the web address.
Interested party: Weekly Citizen is a nairobi tabloid without website. But story is accurate
The Rant: I feel BARS was quite overwhelmend with the number of shareholders they were supposed to be servicing (BBK, EABL, KQ, others - all large companies with tens of thousand of shareholders)
this is long overdue
There are multiple factors for BARS performance including fraud esp from fraudsters who colluded with stockbrokers' employees to immobilise shares into CDSC.
Remember many old guys will sign anything but want a physical certificate! So the fraudsters got duplicates (thus invalidating the original cert) then immobilising into the CDS & selling!
Even if BARS wanted to prosecute the system is loaded against the victim coz of corruption & that time it takes for cases to move thru the system!
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