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Cytonn could be liable for Money Laundry?
Rollout
#1 Posted : Wednesday, May 22, 2019 6:37:08 PM
Rank: Member


Joined: 4/26/2011
Posts: 732
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.
rwitre
#2 Posted : Wednesday, May 22, 2019 7:00:08 PM
Rank: Member


Joined: 3/8/2018
Posts: 433
Location: Nairobi
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.


Technically when you sell an item it is none of your business where the buyer got his money.

The bank through which the money is transacted? It is their business to know where it has come from and where it is going.

Liability lies with the bank and what the CBK rules say amount the sums of money.
newfarer
#3 Posted : Wednesday, May 22, 2019 8:58:33 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,460
Location: Uganda
when I see a big car or a good house ,I see a scam .it's hard to spot a clean rich person here.and its true that cytonn is innocent here.the bank takes the responsibility
punda amecheka
2012
#4 Posted : Wednesday, May 22, 2019 9:54:46 PM
Rank: Elder


Joined: 12/9/2009
Posts: 6,591
Location: Nairobi
rwitre wrote:
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.


Technically when you sell an item it is none of your business where the buyer got his money.

The bank through which the money is transacted? It is their business to know where it has come from and where it is going.

Liability lies with the bank and what the CBK rules say amount the sums of money.


True, you cannot go running background checks on everyone buying items and property from you. Where will you even start? Money was transfered from a bank account to Cyton's, is it Cyton's duty to find out if the buyer's bank issued him a loan or it's his money?
Imagine if you are selling land and DP WSR makes an offer, will you want to know the source of the money even if deep down you have your suspicions?

BBI will solve it
:)
Mike Ock
#5 Posted : Thursday, May 23, 2019 12:29:25 AM
Rank: Member


Joined: 1/22/2015
Posts: 666
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.


LOL, if that's how the law worked, the entire high end real estate sector would crumble. It's driven by corrupt monies.
Lolest!
#6 Posted : Thursday, May 23, 2019 6:51:38 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,014
Location: Kianjokoma
Mike Ock wrote:
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.


LOL, if that's how the law worked, the entire high end real estate sector would crumble. It's driven by corrupt monies.

Not just high end. Many players in this sector depend on questionable sources.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
mkenyan
#7 Posted : Thursday, May 23, 2019 6:59:33 AM
Rank: Veteran


Joined: 4/1/2009
Posts: 1,822
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.

the anti money laundering law is real and biting. currently clued up developers do turn away from some purchases and have purchasers declaring that the money they are using to purchase properties aren't proceeds of crime, corruptions etc and the purchasers indemnifying them etc. it is still something they are grappling with.
it is interesting how people, even here, are still clueless as to the reach and effects of the anti-money laundering laws.
2012
#8 Posted : Thursday, May 23, 2019 5:24:50 PM
Rank: Elder


Joined: 12/9/2009
Posts: 6,591
Location: Nairobi
mkenyan wrote:
Rollout wrote:
It has been reported in the media that Jared Otieno Ksh. 105 million house was purchase from Cytonn Investment. I am surprised that an organization like Cytonn will expose itself to potential liability by selling a house to a known scam artist. If I was at the board of Cytonn I would be seeking some firing, that's a failure in internal control at the very least.

the anti money laundering law is real and biting. currently clued up developers do turn away from some purchases and have purchasers declaring that the money they are using to purchase properties aren't proceeds of crime, corruptions etc and the purchasers indemnifying them etc. it is still something they are grappling with.
it is interesting how people, even here, are still clueless as to the reach and effects of the anti-money laundering laws.


But isn't it better that they buy a property you can attach and recover than send the money to those offshore laundering islands like those 2 crooks, Okemo & Gichuru?

BBI will solve it
:)
hardwood
#9 Posted : Thursday, May 23, 2019 6:44:13 PM
Rank: Elder


Joined: 7/28/2015
Posts: 9,553
Location: Rodi Kopany, Homa Bay
Now you know what cytonn, Hass consult etc mean when they say that high end property is being bought cash. Basically it is thieves who are buying high end properties. Those high end gated communities are basically dens of thieves and drug dealers. Would you want to live with thieves or bring up your kids in an environment populated by such scum? And since mitoto ya nyoka ni nyoka, the kids of these drug dealers, wash washers, gold scammers, thieves may recruit your innocent kids into the underworld, since the kids and teenagers in the neighborhood would be hanging out together. Remember the akasha clan?
Shak
#10 Posted : Thursday, May 23, 2019 7:14:02 PM
Rank: Elder


Joined: 2/22/2009
Posts: 2,433
Location: Africa
laundry?
kaka2za
#11 Posted : Thursday, May 23, 2019 10:15:43 PM
Rank: Elder


Joined: 10/3/2008
Posts: 3,947
Location: Gwitu
Shak wrote:
laundry?


Osha oshasmile
Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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