The problem isn't in the nature of the investments themselves, but rather in the conduct of the guardians of those investments. No matter how sound your investment portfolio is, if the guardians/advisors/trustees/whatever break the law, or act unethically (as they often do the world over) then you're in deep. It is worse in Kenya where the legal system and regulatory authorities are dumb as hell (or smart as heaven, depends on your viewpoint). Saidi On Tue, Nov 24, 2009 at 12:27 PM, Alex Nderitu <nderitualex@gmail.com>wrote:
It really depends on what investment you are on. Case in instance is unit trusts where there is money market (very low risk, almost fixed return), balanced and equity fund. The value of a unit is published on the dailies and being public info, it really hard to be defrauded. It possible to lose the value of the investment (not fraud) when the price per unit is low depending on the prevailing economic condition, just like stocks but that is the nature of investments. My advise is, do your research well before investing.
On 11/24/09, Michael Omondi <michaelomondi@gmail.com> wrote:
Any experiences with Britak? Are they clean.. some1 is trying to get me in
From: skunkworks-bounces@lists.my.co.ke [mailto:skunkworks-bounces@lists.my.co.ke] On Behalf Of saidimu apale Sent: Tuesday, November 24, 2009 7:16 PM To: Skunkworks Forum Subject: Re: [Skunkworks] On investments: Fraud Investigations at Old Mutual
I'm afraid a personal financial advisor doesn't help either.
I had such an advisor with Commercial Bank of Africa (CBA) and I still got defrauded, and this was with offshore investments. The investment advisor was in fact the head of their offshore investments unit.
CBA never refunded a single cent, never admitted liability (even though the head of the offshore unit was fired and the offshore unit dissolved).
Moral of the story: it doesn't matter who you invest with in Kenya, you're totally screwed. It doesn't matter how "reputable" the bank is (like CBA pretends to be), you are still toast because the regulators are in bed with these crooks.
I considered suing CBA but given our (in)justice system and how easy it is to bribe your way to winning a case, it just wasn't worth the time and effort.
saidi
On Tue, Nov 24, 2009 at 10:50 AM, Steve Muchai <smuchai@gmail.com> wrote:
See a personal financial advisor and have them go through the document for you before you sign up.
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