Britam Kenya Limited founded by known Kikuyu conmen who this site has covered for manipulating their influence in the Kenyan financial system to scam ordinary investor, is ironically crying foul accusing a smaller competitor Cytonn Investments for “playing rough” against them.
There is nothing as worse as stealing from a thief because of their profound sense of entitlement. They believe that they’re God-ordained and deserve all the exclusive rights to make money in this country. And the case is no different with the Britam vs Cytonn case which is currently playing out in the public domain.
The old Kikuyu men who are seasoned thieves are Peter Munga, Jimnah Mbaru and James Mwangi. If there are any people who have inflicted pain and misery on ordinary Kenyans using their influence at the stock markets, it is this demonic trio.
Peter Munga whose son died after jumping out of the balcony of Black Diamond night-club in Westlands Nairobi, is one terrible thief. Together with his CEO James Mwangi, they hatched a plan to acquire properties at throw-away prices by blackmailing clients who had used them as collateral for acquiring loans through Equity Bank.
Indeed, James Mwangi and Peter Munga have gone on to become massive land and property owners by fleecing poor borrowers, through inflating their interests and charges. Many poor borrowers without the capacity to agitate for their own rights, have had their land and properties seized by auctioneers and sold in staged settlements at a throw-away price.
That’s how Munga’s son died as karma chases him till today.
You will all remember James Mwangi speaking recently on TV as regards to the ill-informed decision by the head of state, to impose a 16% Value Added Tax on fuel prices, something that has caused grief and consternation to the general public. Mwangi’s comments led to calls for people to close down their accounts at Equity Bank, as he clearly lacks the independent capacity to interrogate policy for the benefit of his customers, while seeking to lick Uhuru Kenyatta’s buttocks, for personal gain.
When it comes to scamming investors, there is no other prolific thief in Nairobi than Jimnah Mbaru. He is the biggest scammer this side of the continent. And nothing puts this into perspective than the 2016 High Court ruling by Justice Eric Ogola.
Dyer & Blair Investment Bank owned by seasoned crook Mr. Jimnah Mbaru were ordered to pay Mr John Kung’u Kiarie – a former director of the Kenya Commercial Bank (KCB) – over Sh300 million plus interest at 16 per cent per year from October 21, 2007 to 2016 for under-declaring his returns on investment.
“It is the finding of this court that the 2nd defendant (Stanbic Bank) joined the 1st defendant (Dyer & Blair Investment Bank) in a complicated wave of deceit whose aim was to trade with the plaintiff’s money without accounting for interest,” Justice Ogola ruled.
In essence, Jimnah Mbaru and his CEO Mohammed Hassan whom he later planted at National Bank of Kenya as Chairman, used to trade with investor’s money and then under-declare the proceed. A real thief and mastermind of the collapse of the Nairobi Stock Exchange, which was booming with investor-confidence during the Kibaki years of prosperity.
Mohammed Hassan who is an able understudy of his mentor Jimnah Mbaru has gone on to destroy Kenya’s flagship private bank NBK together with another sex-pest Wilfred Musau. Hassan is estimated to have embezzled over Kshs. 100 Billion from National Bank and used it to invest in Hashi Petroleum.
The thief or swindler who has gained great wealth by his delinquency has a better chance than the small thief of escaping the rigorous penalty of the law. And indeed, these seasoned thieves have been able to corrupt a judge of high moral-standing, through skewed arguments and projecting themselves as “victims” yet they’re far much worse than their smaller competitors.
Stealing from a thief is the most dangerous thing one can do in life. And their pursuit for justice is not based on fact, but purely on emotion. They feel the innate desire to humiliate rather than find closure. And this is the story of seasoned crooks Jimnah Mbaru, James Mwangi and Peter Munga, all three being cornerstones of Britam, against their former employees currently working at Cytonn.
In 2014 Edwin Dande resigned, alongside 3 of his colleagues Elizabeth Nailantei Nkukuu, Patricia Njeri Wanjama and Shiv Arora, from their previous employer, Britam. The resignation was due to an operating environment that was fraught with illegalities and unethical business practices that they did not agree with. As an investment management team, their principal duty is always to their investing clients. Consequently, the 4 individuals could not agree to be part of actions such as illegally using client insurance funds to purchase shares of Britam to rescue a failed IPO, they objected to using insurance funds under their oversight to purchase a failing bank – a transaction that has now led to loss of billions of shillings of investors’ funds, they objected to failure to send statements or sending out-rightly misleading statements to investors in the unit linked products, they resisted being forced to put excessive funds into a bank where a relative of a Britam director worked, but what brought matters to a head was an attempt to have them take away from clients a Kshs. 5 billion portfolio, one that they had originated for clients, and give to the group. At that point, the environment became untenable and they resigned.
Following their resignation, Britam launched a full-scale assault in an attempt to ruin their careers by filing 7 different suits claiming up to Kshs. 9.8 billion in stolen funds. While they claim to have lost money, the amounts were about commercial joint venture arrangements that had gone sour because Britam wanted to renegotiate with various counterparties, to the detriment of investing clients. The suits were obviously malicious and designed to achieve only two objectives: first was to punish the former team for daring to leave as a team, and second was to deter competition. Most of the suits have since been withdrawn and the former Britam employees have filed for judgment on costs on those. They are left with two pending criminal complaints totaling Kshs. 1.2 billion, which was the subject of the recent court matter.
Justice John Mativo Tuesday ruled that the managers have failed to prove that the decision by the Director of public prosecution (DPP) is irrational or illegal or how their rights are infringed, noting that all grounds raised can be dealt by the trial court. The four were in 2016 charged with the criminal offence relating to theft by servants for the sum of Sh1.1 billion, which they contested in the High Court.
They told the court that they never benefited from the cash and that the issue has been resolved after Britam and property development group Acorn and seven of its affiliates reached a settlement. “Accordingly, I hereby dismiss the applicants notice of motion dated February 3, 2017 with no orders as to costs and direct that Nairobi chief magistrates criminal case number 1735 of 2016 proceeds to hearing and determination,” ordered Justice Mativo
It is obvious that Britam being a listed public company, with audited and published financial statements, has never lost any money. That a team of 4 former employees would transfer amounts Kshs. 9 billion without authorization is just bizarre. There is no reasonable or factual basis for the claims. These charges were instituted maliciously and it was hoped that the courts would stop the misuse of criminal process to stop business competition.
The 4 disagreed with the ruling, but now that they have not succeeded to have the High Court stop the malicious prosecution, and knowing that they are completely innocent, they have decided to take the matter head-on and go to full trial to exonerate their names, just as they successfully exonerated themselves before professional bodies such as the CFA Institute where the same allegations were lodged. In addition to exonerating their names, the trial will also be an opportunity to fully explain the conditions and circumstances that led to their resignation.
We will continue serializing this story focusing on the three musketeers who have used their influence in the country, to steal from investors and still manage to project themselves as angels.
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