The Nairobi Stock Exchange (NSE) through a paid statement by its chairman, Mr. Jimnah Mbaru, has responded to recent allegations that the growth of funds invested at the NSE had come from drugs or other illegal sources.
He says it's mainly from a basic shift among institutions and individuals who previouly used to invest in land and real estate but have now moved to more liquid invstements such as to equities and government securities
The increased funds come from, among others sources:
- many Kenyan parents don’t have to pay primary school fees anymore since the advent of free primary education
- better management & compliance of pension funds who before had too much real estate investments including the NSSF
- increased insurance premium collections and increased corporate retained earnings
- substantial remittances by Kenyans in the Diaspora – estimated at $750 million to $1 billion annually
- international investors
- & first time investors in stock market including over 200,000 who bought into the Kengen IPO
7 comments:
Is mbaru sure?
In any event, I found Raila's pronouncement too drastic coz most Kenyans don't have drug money!
Nevertheless, I think Raila knows something about someone!
No broker asks his clients where they got their money from. I think banks usually raise an alert to CBK over suspicious amounts. NSE does nothing when suspicious trading takes place even! So it is a prime place for money laundering. And if Raila got it right on the Mamluki deal, sembuse drug money???
mwasjd and kudrineth: I think it is a waste of precious time and energy thinking or writing of Raila. However, to humor his fans, lets suppose for a moment that Raila is omniscient. S0 tell us why he hasn't named names? Far am concerned he is a mere tin-god marionette acting on behest of his puppet masters. He believes Kenya is him and he is Kenya: period.
It is a waste of precious time and energy thinking or writing about Raila. However, to humor his cohorts, lets suppose for a moment that Raila is omniscient- tell us why he hasn't named names? Again lets suppose he and his friends were involved in peddling mihadarati- do you expect he would name names? Far as I am concerned he is a mere tin-god, a pitiful Pinocchio acting on behest of masters known and unknown. He believes Kenya is him and he is Kenya, obviously wishing that Kenyans could somehow become one large constituency: blowing away opportunities to advance their lot, pretending that the country is in a state of war and stagnation waiting with bated breath for him (''the anointed one''?) to ascend to the highest berth in Kenyan leadership, hanging onto every word he utters as Gospel truth, glorifying outdated traditions that daily reduce the wealth of his kinsmen's nation.
Look who's talking- how was Molasses plant acquired? Daily he laments his life is in danger- do you believe him? Ask yourself, suppose the so-called mamluki plot were true- how come they failed to fulfil their mission? All petty and cheap headline-grabbing propaganda! Lets not be petty- Transcentury has its owners- and many think they are a roaring success, so who is stopping you from starting a similar enterprise even today. Long ago Odinga Sr registered ''Luo Thrift'' for investment by the Luo nation? Who stopped him?
Kudr : You are very right i.e. the assassinations, otherwise why would the assasins go ahead with their plot after being busted.
Anon: Yes, they are hard facts - Raila's claims - but you will not agree.
Kudrinketh, by your own words you are not even a Kenyan; you willingly changed your citizenzenship. Anyway since you did, Can you stop preaching to us poor souls who have not seen the light to get converted to sort our own issues ourselves. Please keep your so termed unsycophnatic views to yourself. It's not rocket science to discern your leaning on the issue at hand. Soon and maybe sooner than you think, we may see the light and share your views.
Kudinketh; Proud to be American indeed: Proud of washing dishes? cleaning up old sickly people? working 16 hrs just to get by? Living daily with direct or implied racist slur?. Come off it, you know being Kenyan was the best deal. I am not about to ditch it.
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