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Cockar report: Grand Regency transaction was not transparent
The entrance of the Central Bank of Kenya. The Cockar Report on the Sale of the Grand Regency Hotel has put the CBK boss, Prof Njuguna Ndungu, inset, on the spot.
Posted Saturday, January 24 2009 at 21:08
He made it clear that his valuation for purposes of calculating stamp duty only did not include the value of equipment or any other immovables, neither did it include goodwill, profitability and other such considerations.
We also have the evidence of Mr Joseph Kittony who was appointed as the Receiver of the Hotel from 15th April, 1994 to 1st April, 1999.
He said that in November, 1994, the Hotel was advertised for sale in both local and international newspapers. Although a sale did not materialize, the bids indicate that the price obtained for the hotel in the recent sale was approximately what it would have fetched 13 years ago.
When inflation and the general trend of property values over that time is considered it should be clear that CBK did not realize the best value for the hotel. However, the more important issue is the flawed process by which the Hotel was sold.
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Submitted by OkhwaBarasaPosted January 25, 2009 12:29 AM
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Submitted by naliweliwalo
For the findings of this commission to be of any weight, Orengo should go to court and challenge the actual sale of the hotel like he promised to do, using the findings of the commission as direct evidence! Orengo, the ball is in your court! Another Commission, another waste of time and money. All people implicated are still holding their jobs!Bure Kabisa!
Posted January 25, 2009 12:06 AM -
Submitted by Obwakemwatugul
When former Central Bank Governor was implicated on corruption, which he was later proved to be innocent, he was hurriedly sacked. The currect governor is for sure guilty of negligence, corruption or generally abuse of office. He is being protected. These are double standards and protection of a created system or network of secterean interests. Why is the President not acting on this one. Very simple. It is a system he has created. THE PRESIDENT IS ALSO GUILTY OF ABUSE OF OFFICE FROM causes of PEV violence according to Waki Report to the latest developments.
Posted January 24, 2009 11:11 PM
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Indeed you guys deserve a pat on your shoulders! No wonder politicians at the mention of media, it sends shivers down their spine! Nation, keep up the good job!