From: Fred Mweni

biggest fraud in kenya

I watched news yesterday and noted the following.

            1. Michael Joseph is being pushed to do the IPO before the end of year.

            2. the advisors have secret agenda and are using the treasury budget as the reason to have the IPO this year.

            3. the government year ends in July 31 2008. We have over 8 months to go.

            4.

 
Have you wondered why Treasury is rushing the sale of Safaricom?

   1. The are current ministers & PS’s have and are opening  up to 15,000 CDS accounts each in readiness of the IPO
   2. The current advisory team is part of clique planning to allot themselves huge chunks of shares coz the allotment results are always not public.
   3. For any IPO to be properly structured IPO to be successful, due diligence (operational, Legal and financial) need to be conducted. These processes take weeks to months to be concluded. From the look of this rush, none of this will be done.
   4. the aim is to do a shoddy job, frustrate investors then allot themselves all the shares then give the public few shares per applicant.

We need to stop this fraud from happening. The current guys pushing for this IPO, have no interest at all for the public.