Thursday, February 12, 2009

The effects of the PWC report on the NSE and CMA

The PWC released later last year a damning report about the goings at Nyaga Stockbrokers and the CMA has not released the report officially to the public.

However, from what we have read from the media, there is strong evidence linking the CMA, NSE, Nyaga stockbrokers and two investment banks in the scam.

What is worrying to a common mwananchi like me, is the fact that CMA as the regulator did not act as there was tell tale signs that Nyaga was in problems. Why? I humbly ask myself.

Is this a case of a wolf taking care of a lonely sheep in the steep mountains of Mt. Elgon? Do what you want to the poor animal? Who wants to trade through the NSE not knowing whether the proceeds will be yours in the next 24 hours?

You have invested a cool 1 million and you can get a maximum compensation of up to Ksh. 50,000.00. What unfairness can be meted on a poor individual with no recourse? What insensitivity can this be?

People, I'm greatly disappointed with the NSE, CMA and CDSC altogether. If this is the kind of investment environment we are talking about in 2009, then we are yet not out of the woods brethren.

Pray and pray very hard for God is more than able to help you.