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2 Pages<12
Amana Capital 'drinks clients money water'
Jimmii
#21 Posted : Thursday, September 03, 2020 12:01:37 PM
Rank: New-farer


Joined: 10/29/2018
Posts: 14
Location: Nairobi
With regulated firms, everyone makes money except youLaughing out loudly

Kenyans lost over 60% of their investments in a regulated firm as CMA sits smiling quietly

Quote:

59% impairment on the Amana Shilling Fund Class B
Following the directive by the Trustee, Natbank Trustee and Investment Services Limited (‘NTISL’)
provisions of IFRS 9 and the regulator, CMA, the fund sponsor has impaired the gap of Kshs two hundred
and fifty – five million (‘Kshs 255mn’) which represents 59% of class B units.


Becoming a regulated financial institution in Kenya is just a licence to eat with impunity , regulators will cover you up to avoid bad publicityd'oh!

Unregulated firms are actually safer for cautious investors as you do all the due diligence yourself, trusting cma, cbk, ira, rba, sasra... to do it ends in tearsShame on you
Queen
#22 Posted : Thursday, September 03, 2020 1:52:33 PM
Rank: Member


Joined: 11/21/2018
Posts: 391
Location: Britain
Angelica _ann wrote:
Jimmii wrote:
A client on Amana received the below communication, yes their "money drank water"

=====================

Below are extract of minutes and resolutions passed during the extra ordinary general meeting held on 28th February 2020.

Update on Class A Shares

Following the directive from CMA in August 2018 to impair the Nakumatt Holdings CP (NHL CP) within two (2) financial years effective on 31st December 2018 and further due to the outcome of the Nakumatt creditors decision to liquidate the retailer, and subsequent communication during the last Extra ordinary meeting held on 28th February 2020, the Class A shares has been impaired.

Update on Class B Shares

The moratorium Period on Class B of the Amana Shilling Fund was extended by a further six (‘6’) months up to and including September 6, 2020. During the moratorium period, the interest from investments will continue to be accrued and will be distributed at the end of the moratorium period based on the realized amounts.

Creation of Class C Shares

Class C was created for any new contributions from existing and new clients during the moratorium period. Contributions made from 15th January till the end of the moratorium period will be channeled to Class C meaning Class C shares are not affected by the Moratorium.

We confirm that the minutes are still under review by the regulator, Capital Markets Authority (CMA), Trustees (NatBank Trustees and Investment Services Limited) and Amana Capital Limited. We will share them immediately upon finalization and approval as earlier communicated in our holding statement dated 26th March 2020.




So since this thing came to light in 2018, guys are still investing in this fund?

Then class B, why suffer consequences you were not part of?


But even now guys continue to invest with Cytonn inspite of the obvious red flag. The thing is, some investors lack access to information to assist them make informed decisions.
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