Category Archives: NPA

Top Kenyan banking stories of 2011

Agency Banking took banking to your neighbourhood as kiosks became a bank – pioneered by Equity Bank, and followed by KCB (Mtaani) and Co-Op (Jirani) – mainly enabling cash deposits and withdrawals. Read more.

Cheque Truncation promised so much in new, more secure cheques, that would take a 1-2 days to clear compared to the current one week (four working days). However the launch was put off by a delay in printing of new cheques at several banks, and when the program rolled out a few months later, cheques resembled the old ones, and still cleared at the same old pace.

Fraud: There was increasing fraud reported as a result of faster, easier, banking through real time gross settlements and mobile banking, and there were more tales of thieves being arrested with dozen’s of skimmed ATM cards –
– so watch your statements every month

Mobile Partnerships: Banks surrendered on making customers use their own platforms for mobile banking, and instead opted to partner with Safaricom’s M-pesa. In 2011, there were 8 banks that account holders could move money from their bank accounts to M-pesa and back – and these included large banks like Barclays, Co-Op, Equity and KCB. Also electronic banking is now dead as a premium products, and many of the same banks now have these as a free addition to their customers, saving them from the expense of having to print and mail statements to customers.

Super Profits: Did banks profit from the Central Bank’s mismanagement of rates leading to weaker exchange rates? The Central Bank Governor said five banks did, but then refused to say who they were. Parliament continued to push and came up with a list, but could not prove the claims that the banks made super profits at the expense of the shilling.

Executive Suites: Management changes at KCB resulted in top managers leaving the bank – and moving to rivals like Family Bank and Jamii Bora where they cut equity based compensation deals based on performance (modeled after the Co-Op one of a few years ago).

Interest Rate Hike: Late in the year, there was an about turn in the monetary policy – to rescue the Kenya shilling that, and this came in the form of cut back in liquidity. From that, banks drastically raised their loan rates e.g. Mortgages at Equity bank went from 14% to 25% and many banks offered new loans at +30%. To stave off defaults, some banks held their existing loan rates steady, but with extensions of loan maturity periods. The Kenya Banker’s Association then proposed other measures (PDF) such as limiting repayment rate hikes, not penalizing early payers and (unlikely) asking banks to absorb costs!

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This time around: Kenya Stockbroker collapse, Report leaks, Credit Reference Live

Time for another this time around post which looks at stories that recur in the business environment

Mars Group Kenya: The an anti-corruption watchdog group is the wikileaks for Kenya, re-publishing hitherto top-secret government reports at their website.

Mars Group research and produce their own reports, but their archives contain a growing list of reports of corruption in Kenya that is worth checking out. This week they have reports done by PricewaterhouseCoopers for the government of Kenya on the collapse of Triton Oil Company and on the misuse of funds for Maize famine relief in 2008. Last month they also released the report on the sale of the Grand Regency hotel. The Triton report shows that:
– At Kenya pipeline company (KPC) the oil collateral agreement was poorly drafted and ambiguous. Also managers had great discretion, procedures were lax /there was inter-departmental conflict (oil was released without verification) and documentation was poor (since documents would get lost at KPC, financers would exchange documents then present them all to KPC at once)
– Triton was aggressive with financing and would arrange for shipment before they got financing. They were stuck at some point and KCB entered into a finance agreement for goods when the ship was already in Kenya
– Bad banking Ecobank have no claim against KPC, while the Fortis claim against Triton is suspect. Also Glencore had stopped financing Triton in June 2008 as they were suspicious about KPC fuel stock claims
– KCB and other financiers did not cooperate with the PWC investigators
– The debt owed to KCB may be substantially lower than KCB claims and they have provided little information to assist in verification of the Triton debt.
– Kenya anti-corruption commission should investigate further staff named in the report

GoK Bond The Government of Kenya is going to raise Kshs 14.5 billion for infrastructure via a third infrastructure bond. How does that compare to a similar bond a year ago?
2009: Kshs 18 billion ($240 million), interest rate 12.5%, minimum bid Kshs 100,000 (~$1,250), maturity 8 years, principal repaid in 2015, 2017, 2021. Funds used for road, geothermal, water projects
2010: Kshs 14.5 billion ($188 million), interest rate 9.75% tax exempt, minimum Kshs 100,000, maturity 8 years, principal repaid in 2016, 2018. Funds used for water, sewer, irrigation, road, and geothermal projects
The 2009 bond was over-subscribed and the only notable difference in 2010 is the lower interest rate offered. The CBK has decided the high cost of loans offered by commercial banks and perhaps by offering the same banks a lower return on government bonds; they will offer more competitive borrowing rates to the public

Credit Reference: February has also seen the licensing of Kenya’s first credit reference bureau – CRB Africa by the bank regulator, the Central Bank of Kenya. Following this, commercial banks have apparently commenced sharing information with the agency. Some of the rules governing sharing of data were highlighted when the credit reference rules were gazetted almost two years ago. These include
– Bureaus may share info only with a customers’ permission (which happens when you sign for a loan)
– They may only share information for business decision making (evaluate credit prospects) and must keep track of all information they share
– Customers are entitled to one free report a year, and within 30 days of a negative referral.
– If a customer complains, and bureau not able to complete an investigation of disputed information within a month, information will be deleted as request by customer
So what information will they compile?
– For individuals: Name Citizenship ID / PIN Postal/ Telephone Credit history (as reported) Court judgments (as reported) Referees
– For companies: Company registration details postal/physical/telephone Credit history (as reported), Court judgments (as reported), Guarantees
Shareholdings/directorships

Stockbroker collapse: This month saw the placing of another stockbroker under statutory management – this time its Ngenye Kariuki Stockbrokers [Last year in March it was Discount stockbrokers that was placed under statutory management]

Despite strong defense from the Kenya Association of Stockbrokers & Investments Banks – KASIB who say the brokers problems were manageable and did not warrant the intervention of the authorities the broker was in a weak financial position.
A summary by Faida Investment Bank, based on the published un-audited results of Ngenye Kariuki showed this
Half year June 2008 versus 2009
June 08 income 35m, expenses, 21 million, pre-tax profit of 10 million
June 09 income 3 million, expenses 10, pre-tax loss of 11 million
Share capital of 50 million, capital reserves of 251 million (which many brokers draw from the sale price in 2006 of Francis Thuo stockbrokers) [and the same amount appears as an intangible asset) at June 2009, the broker had an overdraft position of 63 million and receivable of 127 million which KASIB is laying at the feet of Citibank for withholding funds from the 2008 Safaricom IPO that are owed to several stockbrokers.

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situs gacor

Uchumi 2010 AGM

On 29th January 2010 shareholders of Uchumi Supermarkets [in receivership] held a meeting at the Kenyatta international conference centre KICC). It was not really an annual general meeting as the Specialist Receiver-Manager (SRM) Jonathan Ciano noted in his opening remarks. It was a meeting of shareholders, and he was a guest (angling to be CEO though). There is no board, but the reorganization task force sat at the high table as the board and the meeting chairman was the Kenya Government Solicitor-General Wanjuki Muchemi. It was part company meeting, savings & credit/investment club and religious meet that one felt a sense of revival or resurrection [of Uchumi] whose receivership period may end early in February 2010 – after almost 4 years!

Investor Relations: Uchumi has been run like a company in all aspects during the receivership. Most important has been the way the SRM has communicated with shareholders, dealt with suppliers (given them as much preference as banks), and produced and published periodic financial accounts (both un-audited and audited) – a normal Receiver-Manager only has to produce an abstract of receipts and payments to be filed with the government and the banks. At the meeting entrance, all shareholders were handed a CD with audited accounts for the years 2006 2007 2008 2009 a/c [however, so far I’m unable to read mine – which is unreadable / corrupted]


The earlier published agenda for the day was:

  • Adopt auditors report for 07 08 and 09.
  • Elect Albert Ruturi and Peter Kabuga as directors.
  • Re-confirm, Ernst & Young as auditors.
  • Lift receivership on February 1 2010 by (i) converting suppliers debt into equity (ii) restructuring the government loan into long term debt (iii) Restructuring the KCB and PTA bank debt.

‘Directors’ introduced included SG Wanjuki Muchemi, the permanent secretary in the ministry of trade, representative of Kenya wine agencies limited (KWAL), industrial & commercial development corporation (ICDC), Ernst & Young audit firm, and Kimani Rugendo (long-term Uchumi supplier and has spearheaded their negotiations during receivership) and others.

SRM Ciano outlined the recovery steps turning around the company from 2006 [lost 750 million on sales of 3.5 billion] and 2007 [sales of 4.5 billion and a loss of 256 million], to 2008 [sales of 6.8 billion an profit of 95 million], and 2009 [sales of 8.2 billion and a profit of 420 million]. At the time beginning of receivership Uchumi owed 957 million to banks, 900 to suppliers, and 125 million to ex-staff, while today it owed 130 million banks and 192 million to current suppliers while it has paid off all ex-staff. Also during the 7 months they were closed in 2006, losses of ~150m were incurred.

The Trade PS Mr. Ali also spoke, and then it was the turn of the SG. Solicitor General (SG) Muchemi said nothing was fundamentally wrong with Uchumi when it collapsed, just bad governance. President Mwai Kibaki and the government were determined that this icon of Kenyan business would not be allowed to die and he was asked to lead a task force to revive the company (along with investment secretary Esther Koimett and then-Trade PS David Nalo). He led the team re-negotiated all loans and leases and appointed SRM. He noted what US President Obama did to bail out US banks is exactly what Kibaki has done to revive Uchumi and that it was done in a unique was because traditionally in Kenya, companies that go into receivership, usually die (are liquidated, not revived).

The E&Y auditor read out their report and noted with an emphasis of matter that still the liabilities of the company exceeded the assets the 180 million. At the time they were appointed, the accounts had not been audited and they have now been able to audit accounts for the last three years for presentation to shareholders.

Shareholder Q&A

  • Explain tax in profit. Yes, it’s true, that Uchumi got a non-cash tax credit Kshs. 250 million that boosted their 2009 profit to 420 million.
  • Re-claim the Uchumi flag-ship store city square CRM said that matter was in court [where former directors of Uchumi have been charged in court with illegally selling the store] and being pursued by the attorney general and CID.
  • Is it the right time to exit receivership? All the things are in place proven record, and the banks (KCB and PTA) have approved the lifting of the receivership if certain conditions were met.
  • Negative balance sheet position Ciano said that’s 180 million down from 1.2 billion in 2006. He added that if shareholders approved the debenture conversion, government loan restructuring, and combined with Uchumi’s profits for 2010 (based on the six-month numbers), the balance sheet position is currently a positive 594 million.
  • CSR activities of the company: SRM explained that they are very active in this and spearheaded famine relief donations with several local stations among others.

Other: I left early [after the adoption of audited accounts and confirmation of Ernst & Young as auditors] but it seems all resolutions were passed.

  • Shareholders approved the conversion of Kshs 211 million of shareholders debentures into equity, along with another 266 million from suppliers.
  • Shareholders approved restructure of government loan into long-term debt. SRM has applied to the government to restructure their 850 million debt into 350 million of equity and 450 million to a loan which will be paid off in 4 years.
  • Uchumi will pay the remaining 130 million to KCB and PTA banks by end of the year.
  • Not sure who were appointed as directors.
  • Seems Trans-century are still interested in Uchumi: The Transcentury Ltd group, which is chaired by James Gachui and whose directors include several men close to President Mwai Kibaki, is trying again with the executives of Uchumi Supermarkets Ltd. (…via africa intelligence)

SWAG: Small calendar, account on CD, and plenty of water to drink. It was a duel of local barons between former director Chris Kirubi (Dasani from Nairobi bottlers) and Kimani Rugendo (Mt. Kenyan brand water) and there was so much ~4 per shareholder seat.
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situs gacor

Who Got Court?

When you spend the day the Commercial Court in Milimani it’s not a fun day. It’s a dreary and boring rotation of procedures and observations of roles played by (mostly) young lawyers, who learn to master the art of speaking.

When a case is called, lawyer stands up and states their name, “I am Odinga for the plaintiff” or “Kibaki for the defendant”, and wait……… for about a minute while the judge scribbles out these details. The sequence is repeated for about another ten minutes, as a lawyer speaks for about ½ a minute at most, and the judge writes out the details. Only one lawyer speaks at a time, while standing up, and only at a glance, or reminder, from the Judge to continue or speak up

As with all Courts in Kenya you bow as you walk in or out when court is in session and please don’t have your phone rings in the presence of a mischievous judge.

The Judge is like a teacher who takes homework from in a particular case. Who filed their affidavit? Who has not filed their reply? Who is not ready to proceed and why? This is often the outcome in each case as one or more parties is not ready to proceed and asks their lawyer asks the judge to indulge them with an adjournment – another two weeks to reply, get evidence, issue summons etc.

The court is low key, no guards, bailiff, handcuffs, cells, and metal detectors etc. that are found in criminal court houses. You are unlikely to spot a famous defendant, and there is rarely the colorful testimony as you would find a criminal court where the theft of a chicken is before the court.

It is a back and forth of civil, not criminal, disputes between two parties or companies over money, mediated by their lawyers and governed by documents, evidence, contracts etc. The cases are often open and shut, but one party is too stubborn to honour a contract, and gets a lawyer who goes through the charade of filing a case or a defense – Bank vs. debtor, debtor vs. bank, company vs. supplier, etc. The lawyers know this, and know each other even as they refrain from throwing barbs at each others clients. Parties to a dispute are often encouraged to settle out of court, or come to this conclusion after many months of legal bills and mountains of evidence.

There are few smoking guns or surprise Perry Mason like moments that overturn the course of a case, these sometimes happens – and a lawyer friend of mine has won shocking cases on technicalities such as with this example.

That’s a day at the Milimani Courts.

the famous question/phrase who got court? is attributed to the Late ODB of the Wu Tang Clan who uttered the phrase when he discovered, in the middle of a press conference, that he had another court hearing due. Listen below to the clip from the Howard Stern radio show on You tube – Part II has the phrase, Part I is the funnier one to be listened to first
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situs gacor

White elephants never go extinct

stairway to heavenThe last few years has seen white elephants disappear from the scene, as seen in defunct projects that have stalled, and died and are condemned to ridicule. They dot the landscape in towns and rural areas and are seen as monuments to changing global trends, poor planning, bad management, government pork, largesse, populism, toxic corruption etc.

Properties lie dormant for years, idle, and then every few years, someone comes along and picks up a white elephant carcass and revive, breathes life back into it; sometimes its the government and sometimes its the private sector, foreigners, other entrepreneurs who come along and say; that “it was a good idea, but it was executed wrongly ((e.g. the Numerical Machining Complex is something every industrialist talks about but is forever condemned because it was associated with the Nyayo car), this time we’ll do it correctly” – and they throw in some cash, put a coat of paint, sometimes tear down white elephant carcass, re-open a factory or hotel, put on a new coat of paint, add a production line, change the public image etc. And things change for a few years in the revived area.

But it’s a cycle of up’s and down’s – and when one year something is revived, somewhere else something is going bust. This week as there are plans to revive Panpaper, down goes the Kenya planters coffee union (KPCU) and numerous dams built for water conservation at apparently inflated prices.

So white elephants will never die; as long as you have dreamers, entrepreneurs, go-getters, leaders with bad intentions, crooks who default – but mostly by people who say it can be done! Sometimes they are right and we applaud and revel in their success, but sometimes they are wrong – and more white elephants are born.

recent pics of a few
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