Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

Our "EA power house" is 3rd in the World in companies' accounting fraud

Discussion in 'International Forum' started by Geza Ulole, Apr 26, 2010.

  1. G

    Geza Ulole JF-Expert Member

    #1
    Apr 26, 2010
    Joined: Oct 31, 2009
    Messages: 8,089
    Likes Received: 1,324
    Trophy Points: 280
    Kenyan companies third in crimes list

    [​IMG]

    A PwC report indiates accounting fraud as the most common crime in Kenya, followed by asset misappropriation, bribery and corruption. Others are money laundering and intellectual property infringement. Photo/FILE

    By DAVE OPIYO
    Posted Sunday, April 25 2010 at 22:30

    Pressure to meet financial targets and the desire to earn personal performance bonuses are driving many Kenyan employees into economic crimes.
    According to a survey by audit firm PricewaterhouseCoopers, companies in Kenya experienced the third highest incidents of economic crimes among 54 countries sampled around the world.
    Companies in Russia and South Africa emerged first and second respectively in the survey conducted between July and November last year.
    A report, “Economic Crimes in Kenya”, exclusively obtained by the Nation on Sunday, attributed the rise in economic crimes to last year’s economic downturn.
    Of the 53 companies surveyed, PwC explained that most of the respondents argued that the recession created more opportunities to commit economic crimes.
    “During an economic downturn, financial targets are more difficult to achieve and the pressure on employees at all levels to deliver rises,” says the report. Says the report: “Setting realistic targets and adjusting them during a downturn can help relive some of the pressure.”
    Accounting fraud was the most common crime in the country, followed by asset misappropriation, bribery and corruption. Others were money laundering and intellectual property infringement.
    The report indicates that many companies were still struggling to detect economic crimes and act on them and that the vice continued to thrive despite the existence of stringent laws.
    Most companies revealed that the crime cost them between Sh7.5 and Sh37.5 million over the last 12 months alone. And they were worried that the things would get worse over the 12 months.
    The poll was anonymous and no companies were identified, with PwC only mentioning that 32 per cent of companies surveyed were listed, 26 per cent were private and 17 per cent were from the public sector.
    “Accounting fraud appears to more prevalent among listed firms. Overall, 63 per cent of the respondents in Kenya reported this form of crime as compared to 38 per cent in 2007,” says the report.
    “A further 57 per cent of companies reported cases of asset misappropriation, while 27 per cent complained of bribery and corruption amongst their staff.”
    http://www.nation.co.ke/News/Kenyan%20companies%20third%20in%20crimes%20list/-/1056/906644/-/view/printVersion/-/xr52ufz/-/index.html
     
  2. G

    Geza Ulole JF-Expert Member

    #2
    Apr 26, 2010
    Joined: Oct 31, 2009
    Messages: 8,089
    Likes Received: 1,324
    Trophy Points: 280
    We need to be very careful especially with their regional acquisition since most of their books are cooked. Here is another evidence, the heirs are ready to do anything to prove things are better in their backyard! People watch out! as a matter of facts i hear the economy grew negative last year but the work of CBK, KRA and MOF managed to save the day and hence the shame!
     
  3. PakaJimmy

    PakaJimmy JF-Expert Member

    #3
    Apr 26, 2010
    Joined: Apr 29, 2009
    Messages: 16,234
    Likes Received: 102
    Trophy Points: 145
    Haya sasa..hawa ndio "wenzetu" katika EAC!...!
    Nawaamini sana PwC hasa kwa heshima ya ripoti zao, lakini Tanzania tuko kwenye list ya juu pia katika maeneo hayo ya uwizi wa aina hizi!...Kama gharama za ujenzi wa Dar zinazidi zile za Nyu-Yoko, tumebakia wapi?
     
  4. G

    Geza Ulole JF-Expert Member

    #4
    Apr 26, 2010
    Joined: Oct 31, 2009
    Messages: 8,089
    Likes Received: 1,324
    Trophy Points: 280
    Mind you those are private firms that compete to acquire Tanzanian firms it is better not to let them buy Tanzanian firms than embracing them thievies! Cause as a result of their books being not in order we end up having a lot of TRL-Rites deals! Posing a risk of our economy to collapse! Interesting enough, a significant number of the highlighted companies are the Private ones and are at their stock exchange, that means a work made between the individuals and the goons in the GOK to pacify and painting rosy picture on the companies while stealing from the poor individuals down there ! Lets us not crumble with them! Lets protect our young economy! I urgue the people at the respective authorities
     
  5. Smatta

    Smatta JF-Expert Member

    #5
    Apr 26, 2010
    Joined: Nov 5, 2008
    Messages: 2,231
    Likes Received: 140
    Trophy Points: 160
    I dont mean to rain on the parade, but there is a high probability that Tanzania wasn't included in the survey by PWC and most of the surveys conducted in Africa for obvious reasons. Am quite sure you are not fairing any better especially with the recent report on money laundering in your country, the only advantage Tanzania as a country has is that most researchers and Western countries tend to overlook/ignore you, putting the spot light on us thus portraying us in bad light at times.
     
  6. G

    Geza Ulole JF-Expert Member

    #6
    Apr 26, 2010
    Joined: Oct 31, 2009
    Messages: 8,089
    Likes Received: 1,324
    Trophy Points: 280
    Tanzania is there also, try to read the report and stop your day dreaming here! For your info. there is no way Tanzania can be ahead of Kenya on money laundering the issue here is readiness of the respective countries to release the proper details! who doesn't know Kenya is the center (esp. the Malindi's Italians with their posing as Tourism Resorts' entrepreneurs) of all narcotics, human trafficing and sex tourism businesses that usually go along with money laundering in the region if not the whole of the West of the Indian Ocean? Who doesn't know most of the monies from hijackers in Somalia end up in Nairobi! Can you talk of the numerous Bureau de changes in Nairobi and their practices in cleaning and flushing the dirty money into your economy? You need to go and sleep boy!
     
  7. bona

    bona JF-Expert Member

    #7
    Apr 27, 2010
    Joined: Nov 6, 2009
    Messages: 3,667
    Likes Received: 61
    Trophy Points: 145
    smatta, whenever we talk something about kenya you always jump into your country defence, try to see things in bigger picture, you said yourself most attention goes to kenya, do u think that came out of no where, you kenyan you have made to look that way infront of international communtity with your immoral stuff! greedy, corruption, immoral, crime just to remind you all organised robbery in tanzania are masterminded by kenya, they are ruthless in their attack with powerful weapon that you only see them in movie and only the arm owned them etc
    i think the best way mr is not always to jump into defence but to clean up your messes infront of international community and at least to your neighbours whose citizens like us we are very concern about your presence next door!
     
  8. M

    Malyamungu JF-Expert Member

    #8
    Apr 27, 2010
    Joined: Jul 5, 2009
    Messages: 364
    Likes Received: 0
    Trophy Points: 0
    Nakuunga mkono Bona. Yaani kama unashukia Kenyata Airport inabidi umwambie driver taxi azime simu kwanza mpaka akuache unapoishia kwani hawa watu wakijua ni MTZ anaweza akawabonyeza waizi wenzake mkajikuta mmetekwa.

    I have refrerence jamaa alidai kapunguza mwendo kwenye traffic mara washkaji kwenye gari na alikuwa anaongea yasiyoeleweka kilugha kwenye simu.

    Pia ndo wametuharibia ustaarabu wetu kabisa kule bongo.
     
  9. Abdulhalim

    Abdulhalim JF-Expert Member

    #9
    Apr 27, 2010
    Joined: Jul 20, 2007
    Messages: 16,463
    Likes Received: 16
    Trophy Points: 135
    Bwa ha aha lloll, wakenya bana..
     
  10. m

    moyo JF-Expert Member

    #10
    Apr 27, 2010
    Joined: Jan 12, 2010
    Messages: 252
    Likes Received: 0
    Trophy Points: 0
    Geza ulole,why so much hate towards us bro!!!!the economy did not grow negative as you say,even though we had a rough time recovering from post election violence and boosting investor confidence due to the fragile interim coalition govt,whose politicians have big mouths and dont trust each other,but this is a challange and we are up to it.
     
  11. N-handsome

    N-handsome JF-Expert Member

    #11
    Apr 27, 2010
    Joined: Jan 23, 2008
    Messages: 2,288
    Likes Received: 90
    Trophy Points: 145
    Jamaa nao wamo, halafu twataka wawe our partner itakula kwetu kinoma
     
  12. Smatta

    Smatta JF-Expert Member

    #12
    Apr 28, 2010
    Joined: Nov 5, 2008
    Messages: 2,231
    Likes Received: 140
    Trophy Points: 160
    is this a bad thing??
     
  13. n

    nomasana JF-Expert Member

    #13
    Apr 29, 2010
    Joined: Aug 14, 2009
    Messages: 723
    Likes Received: 60
    Trophy Points: 45
    i love that response
     
Loading...