Dud dividend Got my biggest dividend cheque ever (i.e. most digits) i.e. a 25,000
edit Sent in my reader Drop My Load who comments:
Stanbic have issued an email that goes like this:
Dear All,
A few banks have requested me to ask Stanbic Bank Kenya to come with a solution to paying the KES equivalent of the Stanbic Uganda Divident cheques. Stanbic Bank Kenya team has since gotten a solution that I would like to share with you.
Below is a statement from Stanbic Bank Kenya, which we would be grateful if you pass along to the relevant branches and clients who invested in Stanbic Bank Uganda.
" In case of non SBK customers who choose to deposit their dividend warrants in the accounts in other local banks, these banks will route the cheques through SBK for collection in the normal interbank way for foreign cheque collection
The collection period will be 14 days and we shall credit the proceeds by the 15th day. The charges will be - amounts below 1000 will cost ksh 100 and amounts above ksh 1000 will cost ksh 150."
Ask your bank, they should be able to help.
Strange banking: It’s always a sensitive thing to write about banks since they have customers – some of who are likely to panic and withdraw their funds. But there’s no danger of that with fast growing and strong Equity Bank. Just days before their listing in 2006, one of their directors resigned - could this be the reason?
Loan shares resurface: I&M becomes the first bank to hawk loans to buy Kenya Re IPO shares.
Milk tremor: KCC has overnight raised the price of their plastic milk pouches (500 ml) from Kshs. 22 to 26 (%18). More plastic tax aftershocks?
9 comments:
Bankelele, just redirect that 1K cheque to cheap shares if it costs as much to process it.
On Equity, I am in an investment group and I have to admit that a few members are in panic mode.
I have read all the letters and articles concerning Equity, and regardless of whether any of this is true, I believe that the share is still overvalued at approx 135.00 what do you think?
Banks - Not many will borrow for KenRe coz huge refunds expected i.e I expect 75% refunded!
3n - Huge over-valuation but do I say?
Stanbic have issued an email that goes like this:
Dear All,
A few banks have requested me to ask Stanbic Bank Kenya to come with a solution to paying the KES equivalent of the Stanbic Uganda Divident cheques. Stanbic Bank Kenya team has since gotten a solution that I would like to share with you.
Below is a statement from Stanbic Bank Kenya, which we would be grateful if you pass along to the relevant branches and clients who invested in Stanbic Bank Uganda.
" In case of non SBK customers who choose to deposit their dividend warrants in the accounts in other local banks, these banks will route the cheques through SBK for collection in the normal interbank way for foreign cheque collection
The collection period will be 14 days and we shall credit the proceeds by the 15th day.
The charges will be - amounts below 1000 will cost ksh 100 and amounts above ksh 1000 will cost ksh 150."
Ask your bank, they should be able to help.
3N: Not much 1k can dos harewise, but it's a great 7% divdend yield for year 1 share. I admire Equity, but, you have to call them as you see them and they have been the story of Kenyan banking for the last 3 years
coldtusker: cartch 22 for borrowers, you don't get shares, but still owe the bank for what they lent you for one month
Dropmyload: I feel like the dude in thE Kisima Advert - WOW, THAT WAS AMAZING!
I'll get in touch with my bank next week (who had been turning away people with Ushs 50,000 cheques)
A follow-up piece on Mugane’s questions:
A KPMG special audit that found only one undisclosed indirect shareholding by an Equity Bank manager set itself guidelines that closed auditors eyes to any but the most obvious cases.
Shares held by family members of Equity directors, managers or employees were not considered under the strict criteria. This means no clean bill of health can be issued on that count just yet."
When looking into the matter, KPMG had to make its own rules as to what constitutes an indirect shareholding. Other than a 25 per cent total shareholding limit for a single shareholder and a five per cent restriction for management, neither the Banking Act nor Central Bank Prudential Guidelines define indirect shareholdings.
"In the absence of any written guidance... we have taken the view that... indirect shareholding must be exercised by an individual in his personal capacity," the KPMG report says. "(The director or employee) must be one of the named shareholders of a corporate shareholder for the... restrictions and disclosures to apply."
This means that shares held by directors or managers through family members, or through companies owned by family members, were not considered indirect shareholdings. Only one person, Mr Andrew Kimani Mwangi, a former employee, was linked to an indirect shareholding in the Bank.
Anon-your pt is? Somebody said JM had 30% shareholding thru Mary Wamae, Andrew Kimani and Warui. Their aggregate shareholding is nowhere near 30%.
Why doont we have DRips(Dividend reinvestment programmes) here.Its better than getting dividend checks of Ksh 200
Mainat: Wamae, Kimani and Warui (total 8 per cent) were given as examples of three people who were known to be holding shares on Mwangi's behalf. 'SK Patel' said there were others not named.
My point is that the special audit that has 'cleared' Mwangi was flawed.
It only looked at stocks held in February this year. It, therefore, ignored Mugane's claim of irregular behaviour at IPO time. Also, since Mugane made her complaints last year, Wamae, Warui and others could easily have changed the way their shareholdings were registered so as to sidestep the audit.
This are bunch of fraud stars the way they look and how they plan and escape in doing so.......God help b4 Kenya is left with nothing.Where is PLO now? he should launch an attack be4 we become refugees in our own country
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