Agony of investor as bank auctions Sh5 billion hotel

[edu88]

Kiukweli huku mtaani hali ni mbaya, ila Slim ni mwekezaji Mtanzania anayejua kujituma na yuko very well connected ila licha ya kuwa ni mtoto wa mjini ana bahati mbaya.

Ndiye yeye mtu wa kwanza kuleta lebo yake kwa pamba kali ile lebo ya Check Bob Maarifa, ikafa!.

Ndiye yeye aliyeuziwa ule uwanja wa wazi wa Anatoglo ili ajenge a modern park yenye a 5-Star Hotel, paperwork yote ililamilika, akapewa building permit ile kuzungusha tuu uzio aanze ujenzi, uzio ulivunjwa ikakutikana kulifanyika janja janja.

Kumbe ndio akaweza Bagamoyo.

Kama mradi wake umepitia TIC anaweza kufanyiwa assessment kuestablish the viability ya mradi huo, kama uko viable kusupport Tanzania ya Viwanda, anastahili kupatiwa Government Guarantee, kwa kuonyesha ulikwama kwa sababu za unpredictability ya serikali yetu. Atasikilizwa.

Ila kiukweli kuna wawekezaji watalia!. Mfano Wachina wa AVIC City Kingamboni, kama Peninsular Apartments za Masaki zimedoda hadi kupigwa mnada, what are the chances za AVIC City apartments zake za TZS 600,000,000 kuuza? . NSSF nadhani wameshituka mapema kabla ya kuendelea na Dege Eco Village yao.

Mimi sio mchumi ila lawama zote za kuporomoka kwa uchumi anatupiwa Magufuli, kwani Magufuli amefanya nini kinachodidimiza uchumi? . Kama ni mishahara ni ile ile, hakuna aliyepunguzwa mshahara, sasa huu ukata unatoka wapi?.

Au ni kweli baadhi ya investments ziliwategemea wapiga dili, hivi hao Watanzania wakununu nyumba Kigamboni kwa million 600,000,000 ni Watanzania wepi hao? .

NHC inajenga Seven 11 pale Kawe City, nimeelezwa the cheapest ni TZS 400,000,000 single room apartments, 600,000,000 double room na 800,000,000 kwa vyumba vitatu! . Ni kwa ajili ya Watanzania wepi hao?, labda wenzetu ma diaspora, vingenevyo hawa wenzangu na mimi tutabaki macho kodo!.

Paskali

Good point Paskali. Tatizo waTZ wengi hawaoni hilo. Wao wanamuona Magufuli kama adui anayeleta njaa kumbe walisahau kile chakula walichokizoea kilipatikana kwa wizi, dhuluma, rushwa, nk. Yaani real estate ilikuwa na moto balaaa. Kila mwekezaji alikuwa akijenga high-end apartments, hotels, etc. Yaani walijisahau kabisa kwamba mtanzania wa kawaida ana kipato gani na watapata vipi hela yake. Walitegemea faida ya haraka haraka. Athari yake ilikuwa kila sehemu ya jiji la dar maana bei ya viwanja na nyumba za kupanga ilikuwa balaa. Tena hali ilikuwa mbaya zaidi kama unapata kipato cha kihalali maana ulikuwa huthaminiwi na wenye nyumba walikuwa wana jeuri. Sasa JPM anawafundisha Economics 101, somo la leo - whenever there is a market failure, the government has to intervene. Raisi wangu JPM, endelea na kazi. Kulikuwa na market failure kwenye real estate, ukipata muda rudi kwenye hii sekta, tukumbuke kwa kuweka sera bora za kujenga majengo ya kupanga na kuuza kwa bei nafuu, sio unafuu wa NHC enzi za JK.

 

[ujoka]

Mna comment hata hamjaelewa kilichoandikwa. Poor you

Jamaaa uwe unaweka siasa pembeni sometimes usipende ku politicize kila kitu tunajadili hali ya uchumi hapa huwez kujua kuna wengine wanapitia hayo au wengine ni potential investors kama mlo wako unatoka chamani endelea maana ndio ofisi yako hio

 

[edu88]

paschal nakuelewa ila kuna walakini. mimi taaluma yangu ni Real Estate Investment. tatizo la awamu iliyopita ushauri wa kitaalamu ulidharaulika sana. nakumbuka 2012 nilifanya presentation ya project appraisal ya shirika moja la mafao lililowekeza majengo kubwa ya biashara Moshi na arusha. payback period ya Moshi ilikuwa 89 years na Arusha moja 68 na jingine 62. nikareccomend waachane nazo. walinichukia wakakasirika na sikufanya nao kazi tena. repoti ya juzi ya CAG ameyataja majengo hayo kuwa non performing investments. wawekezaji wengi waliwekeza hivyo kiujanja ujanja. we must come to equilibrium.

Kulikuwa na market failure, equilibrium haiwezi kuja yenyewe. Ndo maana Raisi JPM na juhudi zake zinaturudisha kwenye equilibrium taratibu. tutafika tu. Ulisimamia ukweli na najua ni wachache sana walidhani tungefika hapa ila ndo tumefika. JPM anatukumbusha maisha yetu ni ya aina gani maana tulijisahau sana.

 

[Mama Obama]

Umeongea ukweli mchungu. Ila wachangiaji wengi hapa wataanza mlaumu Raisi kwa kuwazingua wawekezaji. Huyu mwekezaji ni sawa na wawekezaji wengi mchwara waliokuwa wanawekeza kwenye mahoteli na apartments ya bei mbaya, walikuwa hawawalengi waTZ wa hali ya kawaida, zaidi walikuwa wanawalenga serikali na wageni. Sasa kibao kimegeuka, JPM anarekebisha makosa yaliyofanyika, sasa anapata alichopanda. Pole sana Mr Slim, uamuzi wako wa kurudi nyumbani ni sahihi, ila kuwekeza kwenye luxurious building bila kufanya proper feasibility study na kutumia akili ndogo tu kuelewa kwamba ujinga wa awamu ya 4 usingeendelea ndo umekufikisha hapo. Ungekuwa mjanja ungelenga middle to low class, sasa hivi ungekuwa unakula kuku tu. Hii ndo Bongo bwana, inabidi ujiongeze ili kutoboa. Ujanja ujanja umeisha awamu ya 4.

Serikali ilikuwa mteja wa kila kitu. Pesa ambazo zingetumika kutowa huduma kwa watu ndizo zilikuwa zikitumiwa kununuwa majumba ya kifahari, mikutano hotelini za watu binafsi. Ikiwa pamoja na National housing kujenga majumba ya bei juu Watanzania wengi hawawezi kuyamdu. Economy ya Tanzania leo ndiyo original, Wakati wa serikalinya nne economy ilikuwa fake. Tunaanza umpya, na kawaida mwanzo ni mgumu, lakini tuko kwenye njia nzuri.

 

[misasa]

Serikali ilikuwa mteja wa kila kitu. Pesa ambazo zingetumika kutowa huduma kwa watu ndizo zilikuwa zikitumiwa kununuwa majumba ya kifahari, mikutano hotelini za watu binafsi. Ikiwa pamoja na National housing kujenga majumba ya bei juu Watanzania wengi hawawezi kuyamdu. Economy ya Tanzania leo ndiyo original, Wakati wa serikalinya nne economy ilikuwa fake. Tunaanza umpya, na kawaida mwanzo ni mgumu, lakini tuko kwenye njia nzuri.

Kweli kabisa mkuu tutafika tu na tupo mikono salama ya jpm.

 

[misasa]

Kulikuwa na market failure, equilibrium haiwezi kuja yenyewe. Ndo maana Raisi JPM na juhudi zake zinaturudisha kwenye equilibrium taratibu. tutafika tu. Ulisimamia ukweli na najua ni wachache sana walidhani tungefika hapa ila ndo tumefika. JPM anatukumbusha maisha yetu ni ya aina gani maana tulijisahau sana.

Mkuu kweli kabisa unachoongea

 

[edu88]

Kosa la magu ni ku-disturb balance of things economic wise.
1st blow to Real estate ilikuw akufukuza foreigners wasio na vibali., wengi ingawa waliishi bila vibali hawakuwa wanaishi tandale., walikuwa wanakaa masaki,mikocheni etc., pesa zilichangamsha uchumi.

2nd blow was tightening up money supply by shifting gov spending from local purchases and procurement to massive Outflows to finance Huge projects. Just last year GOT has paid almost $1B in cash to outsiders(Railway, new planes, etc). These are moneys completely taken out of circulation.

3rd was reduction of lending to private sector by squeezing banks ceilings with BOT., wrongly, naively and almost down right stupidily.

4th stubborn decision to prioritise business killing high tax arrears to be abruptly repaid in a short time. These were like shooting own feet.

5th by lacking a clear direction and running the country on a whim he has planted a complete system paralysis where investors arent sure what the policy will be next week,the ministers arent aure what is the gov directive, the gov executives arent sure who to listen to between their president, immediate bosses or their instruments.

The country is being run like a bus stop kitchen.

I would go on and on and on, there are so many things Magu administration did horibly and what is currenty happening is but an introduction to a full storm coming.

So there you have it. Magu did almost everything wrong as far as handling the economy is concerned.

Your comments on real estate are very naive. I suspect your not in Tanzania. Your in diaspora, enjoying the comfortability of an apartment you can afford and worth the price you pay for. Real estate in TZ was in a bubble, it was obvious. Prices were going off the roof because money circulation was beyond control and whether you like it or not, most was not clean money. It made it impossible for a local to afford a good apartment. Too much money created another big problem - it misdirected investments into real estate - most investors swarmed the sector looking for quick payback, they never bothered to look at the reality and who are the biggest market eg. Slim. They all made investments on high-end apartments, hotels, etc. They are reaping what they sow. So, am sorry to say this, you can blame JPM however you want but he is doing the locals at great favour. So, keep enjoying ur couzy stay in diaspora and keep on blaming, lets see where that will take you.

 

[edu88]

Before bor



Before you invest anywhere, you have to check the stability of the country and spending power of the people. Tanzania has been operating on false economy especially during Kikwete administration. Some investors were impressed by few people spending creating money circulation in the county, Most money spent by people during Kikwete administration was money stolen from the government in way of tenda or tax avoidance.

People were building hotels, expensive properties, and bank were giving loans without assessing the business and the economy. Property in Tanzania, especially in big cities they were overtaking western countries where spending power is several times better than that of Tanzania,
Saying that there is still a chance to invest in Tanzania and make a living. Low cost housing that is what ordinary Tanzanians wants, and not big hotels, luxtury housing expensive than their earnings. Most of big hotels survivei' by using to accommodate unnesseary government officials.

You good sir, I salute you. I think you said it all. Most people take it out on JPM without know the root cause of the problem. Its Economics, people. There was a market failure, the government stepped in, now we are slowly going back to the equilibrium point at that point all prices of goods and services will reflect the true value. Now let's see if Dar will have the same property prices as New York financial district. For investors like Slim, a storm is coming. It was obvious, but they chose to ignore the signs or looked the other way.

 

[Kimweri]

Your comments on real estate are very naive. I suspect your not in Tanzania. Your in diaspora, enjoying the comfortability of an apartment you can afford and worth the price you pay for. Real estate in TZ was in a bubble, it was obvious. Prices were going off the roof because money circulation was beyond control and whether you like it or not, most was not clean money. It made it impossible for a local to afford a good apartment. Too much money created another big problem - it misdirected investments into real estate - most investors swarmed the sector looking for quick payback, they never bothered to look at the reality and who are the biggest market eg. Slim. They all made investments on high-end apartments, hotels, etc. They are reaping what they sow. So, am sorry to say this, you can blame JPM however you want but he is doing the locals at great favour. So, keep enjoying ur couzy stay in diaspora and keep on blaming, lets see where that will take you.

You had no reason to attack me, but well now that you have vented your steam i will counter the topic at hand.

No one is stoppping anyone from building an affordable apartment building., and no one is forcing anyone to go in and buy. Its market forces. If you thought prices were above market rates wasnt that a great opportunity to sell below these inflated prices?

Problem with many Tanzanians is ROHO MBAYA. Slik
Problems are not going to create magical affordable houses for others. All that will happen is wealth transfer from him to whoever buys the property.,and you can bet anyone with 2.5B to spare was never poor to begin with.

Our problems can not and will never be solved by bankrupting rich people. These same rich people who work day and night making massive investments risks are the same chaps who put food on the table for thousands of poor people that work for them, through the high taxes they pay and salaries by jobs they create. We need more SLIMS not less.

Additionally.
In my pointers i never said the previous situation WAS ideal., i barely mentioned the handling of the situation was poor. Even if you want to cool a glass full of hot steaming water., pouring ICE is still DUMB. And that is exactly the crux of my response.

Magufuli found problems, instead of addressing them categorically in a proven to work methods he went on and caused chaos everywhere just for the sake of it.

We did not need that., we needed gradual adjustments while foundations were set.

 

[Kimweri]

Katika upuuzi utakaokuja kufeli vibaya ni huu wa serikali kujifanya inaweza kufanya kila kitu yenyewe kwa bei chee.

This will go on for sometime then when taxes dry up and more no Money for Theatrics are available is when we will see massive debts and cries from state owned enterprises.

Hauondoi umaskini kwa kupunguza ceiling ya kipato. Umaskini unaondoka kwa kuongeza ceiling(growth).

 

[Mkosasura Ng'ong'a]

Katika upuuzi utakaokuja kufeli vibaya ni huu wa serikali kujifanya inaweza kufanya kila kitu yenyewe kwa bei chee.

This will go on for sometime then when taxes dry up and more no Money for Theatrics are available is when we will see massive debts and cries from state owned enterprises.

Hauondoi umaskini kwa kupunguza ceiling ya kipato. Umaskini unaondoka kwa kuongeza ceiling(growth).

Bravo! I couldn't agree more.

 

[Eric Cartman]

Hotel imekuwa auctioned 2 times aijapata mnunuzi halafu bado mtu kwenye kichwa chake anadhani it is worth 5bn under the current market environment.

Katika vitu ambavyo Magufuli kapatia it is this one kuondoa artificial circulation of money na kuacha actual market forces zifanye kazi based on the real purchasing power.

Sio hotel yake tu ndio imedoda viwanja vinashuka bei, rent zinapungua au wapangaji wanaama waliokuwa wamejiweka kwenye majengo kushinda kipato chao.

Somo ni wengi walikuwa awaishi na hela halali matekeo yake bei za bidhaa na huduma zilikuwa zinapanda ovyo, investment ambazo azifanyi tathmini etc. Uwezi kujenga uchumi stable katika mazingira hayo ufisadi ulikuwa ni bubble lazima lipasuliwe kurekebisha uchumi na kujua tulipo. Hakuna tofauti na kuanguka kwa uchumi wa housing sector marekani benki ilikuwa inatoa pesa kirahisi sana bila ya watu kuwa na uwezo wa kulipa nyumba zikapanda bei lilipolipuka watu wakajikuta value za nyumba zao zinashuka, tofauti hapa hela badala ya kutoka benki ilikuwa ya ufisadi ina fund huu uchumi usio sahihi.

Safi sana Magu tatizo lako Dr. Mpango tu jamaa ni jipu.

 

[jebs2002]

Serikali ilikuwa mteja wa kila kitu. Pesa ambazo zingetumika kutowa huduma kwa watu ndizo zilikuwa zikitumiwa kununuwa majumba ya kifahari, mikutano hotelini za watu binafsi. Ikiwa pamoja na National housing kujenga majumba ya bei juu Watanzania wengi hawawezi kuyamdu. Economy ya Tanzania leo ndiyo original, Wakati wa serikalinya nne economy ilikuwa fake. Tunaanza umpya, na kawaida mwanzo ni mgumu, lakini tuko kwenye njia nzuri.

Sawa kabisa, ila tatizo wenye maslahi kama kina Kimweri wanataka nchi kama yetu iendelzwe na mabepari wachache mno bila kujali wale wasio nacho, na hata Kimweri hajali hao mabepari laghai (most of them) wamezipataje hela?! Huyu zungu la unga [HASHTAG]#shikuba[/HASHTAG], amenunuwa viwanja vingi mno mikocheni na mbezi beach kwa bei za ajabu sana kwa hela zake za sembe, infact yeye na wenzake waliweka mazingira magumu saanaa mitaa ile kwa watu wenye kipato halali kununua kiwanja au nyumba, ukiachana na huyo kuna viongozi na wafanyakazi wa sehemu nyeti, hela zozote wakifisadi basi wanazitupia kwenye real estate, education na entertainment, bei za services na bidhaa zilipanda kimaajabu ajabu sana bila kusahau fujo mitaani, sasa jaribu kuona kama mtu anahesabu alf 10 10 mtaani kwa mbwembembwe?! Thubutu! Sio kwamba atakamatwa, la hasha, ni kwamba hela suddenly imekuwa na heshima, na hata wapita njia watakushangaa kwa wewe kuwaringishia, sisi ma layman wa economics tunasema heri ya sasa nchini kuliko nyuma tulikokuwa tunaenda..Tuzilazimishe uchumi wa dunia za kwanza kuja hapa wakati sisi ndio kwanza twaanza, school fees za baadhi ya shule zilikuwa hazikamatiki, na wazazi wanaopeleka watoto pale ni wale wapatao laki saba mpaka vimilioni, twashangaa walikuwa wanawezaje?! Huku tayari washajenga, magari matatu tatu na vijumba kadhaa! THAT WAS FAKE LIFE, FAKE ECONOMICS EVEN TO US THE LAYMEN..

 

[Kimweri]

Sawa kabisa, ila tatizo wenye maslahi kama kina Kimweri wanataka nchi kama yetu iendelzwe na mabepari wachache mno bila kujali wale wasio nacho, na hata Kimweri hajali hao mabepari laghai (most of them) wamezipataje hela?! Huyu zungu la unga [HASHTAG]#shikuba[/HASHTAG], amenunuwa viwanja vingi mno mikocheni na mbezi beach kwa bei za ajabu sana kwa hela zake za sembe, infact yeye na wenzake waliweka mazingira magumu saanaa mitaa ile kwa watu wenye kipato halali kununua kiwanja au nyumba, ukiachana na huyo kuna viongozi na wafanyakazi wa sehemu nyeti, hela zozote wakifisadi basi wanazitupia kwenye real estate, education na entertainment, bei za services na bidhaa zilipanda kimaajabu ajabu sana bila kusahau fujo mitaani, sasa jaribu kuona kama mtu anahesabu alf 10 10 mtaani kwa mbwembembwe?! Thubutu! Sio kwamba atakamatwa, la hasha, ni kwamba hela suddenly imekuwa na heshima, na hata wapita njia watakushangaa kwa wewe kuwaringishia, sisi ma layman wa economics tunasema heri ya sasa nchini kuliko nyuma tulikokuwa tunaenda..Tuzilazimishe uchumi wa dunia za kwanza kuja hapa wakati sisi ndio kwanza twaanza, school fees za baadhi ya shule zilikuwa hazikamatiki, na wazazi wanaopeleka watoto pale ni wale wapatao laki saba mpaka vimilioni, twashangaa walikuwa wanawezaje?! Huku tayari washajenga, magari matatu tatu na vijumba kadhaa! THAT WAS FAKE LIFE, FAKE ECONOMICS EVEN TO US THE LAYMEN..

Hao mazungu wa unga wako kila nchi.,usifikiri wako TZ tu., kuna watu wenye fedha mara bilioni za huyo tajiri wako na nchi zao hazikurupuki ili kuwakomoa.

Wenye fedha haziishi leo wala kesho, jukumu la serikali ni kuhakikisha kuwa wasionazo nao wanaongezeka.

Sasa kila mtu akiwa masikini fukara wa kutupa. THEN WHAT?

Hizi hadithi za sijui watu flani walipata pesa nyingi upesi upesi, sio sababu ya serikali kuumiza mamilioni zaidi kwa maisha magumu kisa na hao wachache wafukarike.

Suppose huyu bwana hoteli ikauzwa kwa hiyo bilioni 2.5 benki wakachukua chao akabaki na bilioni 1.9 yake., hivi na akili zetu mbovu tunafikiria kabisa huyu mtu atakuwa na shida ya hela ya mboga? 1.9B is higher than most civil servants combined pensions for entire generation. Babu,Baba,Mtoto, Mjukuu na Kitukuu. Slim will be alright., he wont be richer with the investments now gone, but he is not going to be as broke.

Picha linarudi kwa wale ealiotegemea misheni town zake za kujenga hizo hotei kuziendesha ili waishi mjini. Hawa watakuwa jobless asap, watoto watakatisha masomo,wagonjwa watakosa dawa n.k, FOR what?

Worse serikali sasa haitapokea tena kodi za uzalishaji huduma uliokuwa ufanywe na huyu bwana., mishahara n.k,

Mmiliki moya si ajabu akaigeuza hostel, au ikakosa
Matumizi.,,another LOSS.

 

[Crocodiletooth]

~ALIJENGA KWA AJILI YA SEMINA ZA WAFANYAKAZI WA UMMA.
sasa semina hakuna tena / na zikitokea zinafanyikia maofisini.

 

[Eric Cartman]

Watanzania kwa kulaumu serikari aijazuia chochote sanasana ni kudhibiti matumizi ya pesa zake the impact is just simple economic za demand and supply on what the invisible hand can achieve in correcting the market. From what we are learning some asking prices were out of touch with the actual number of takers na kuna watu wengi sana waliwekeza kwenye wateja aina hii bila ya kujali uhalisia wa mapato yao na kama hiyo hali itabaki milele au kuna sustainable business.

Sasa tena kulaumu serikari ata katika mambo mema sijui tunataka nini; hili ndio tatizo lililokuwa la wengi kuna bei za ajabu ambazo aziendani na uhalisia wa mapato ya watu; mtu anarekebisha ili watanzania wenye mapato yakawaida hela yao iende mbali na wao bado tena mnalaumu sasa mpewe nini watanzania ndio mridhike.

Huyo Slim alitakiwa ajue biashara sio conundrum ya kuku na yai; unajenga hotel kwa kutegemea uwekezaji unaokuja wakati masham masham yenyewe hamna isitoshe kama mfanyabiashara lazima awe na mbimu za kuvutia wateja kwa mazingira aliyonayo provided bei zake ni za uhalisia; everything is entirely his own making asilaumu mtu.

 

[Giltami]

Do you think Chadema followers have ability to rezpond on this plz?

Do you know what u say?

 

[titimunda]

An economic depression is underway

 

[titimunda]

Mkuu Mkosasura, usimwite Slim tapeli, tumia jina zuri kidogo la "mtoto wa mujini", who is well connected.

Hicho kinachoitwa utapeli ni "connections", mtu akiishakuwa mwekezaji hata kama ni tapeli au uwekezaji wake ni siphoning clean money or laundering dirty money, hapa bongo utanyenyekewa na kuitwa Mheshimiwa, na utapata kila utakacho hadi diplomatic passport utapewa!.

Sasa mtu ambaye ni mheshimiwa kumuita tapeli sio kumtendea haki kwa sababu mfanya biashara yoyote ili atengeneze super profits lazima awe ni tapeli. Hivyo tuwaite majina mazuri.

Paskali

Kweli tupu

 

[edu88]

You had no reason to attack me, but well now that you have vented your steam i will counter the topic at hand.

No one is stoppping anyone from building an affordable apartment building., and no one is forcing anyone to go in and buy. Its market forces. If you thought prices were above market rates wasnt that a great opportunity to sell below these inflated prices?

Problem with many Tanzanians is ROHO MBAYA. Slik
Problems are not going to create magical affordable houses for others. All that will happen is wealth transfer from him to whoever buys the property.,and you can bet anyone with 2.5B to spare was never poor to begin with.

Our problems can not and will never be solved by bankrupting rich people. These same rich people who work day and night making massive investments risks are the same chaps who put food on the table for thousands of poor people that work for them, through the high taxes they pay and salaries by jobs they create. We need more SLIMS not less.

Additionally.
In my pointers i never said the previous situation WAS ideal., i barely mentioned the handling of the situation was poor. Even if you want to cool a glass full of hot steaming water., pouring ICE is still DUMB. And that is exactly the crux of my response.

Magufuli found problems, instead of addressing them categorically in a proven to work methods he went on and caused chaos everywhere just for the sake of it.

We did not need that., we needed gradual adjustments while foundations were set.

My apologies if it sounded like I attacked u personally. I never intended on doing that and it wasn't an attack. My apologies.

Back to your point, well the "roho mbaya" attitude is there, I can attest to that but it shouldn't crowd our judgement to analyse JPM's efforts so far. He is doing what any leader should do when there is a problem. Among the 10key principles of economics is that at times gvt intervention can make things right, case being when there is a market failure. You queried that why didn't people sell apartments below the inflated prices to make a killing, my question to u, what type of businessperson will do that? It will defeat the purpose of making enough money from his/her business. My biggest issue with JK administration is that it failed to control corruption, there were so many rent seekers and all sort of shady people looking to skim the gvt off money. Do u know where most of it went? Real estate. This because it was easy to dispose the black money there. All of a sudden a bubble came, then it was up to the races, even with the likes of Mr Slim. Just imagine NSSF spent over 165b in Kigamboni hoping to create a so-called modern village, this is separate from dege apartments and the like. Now back to ur argument that rich people are getting bankrupted. Correct me if am wrong but JPM isn't targeting them, far from it. He is simply closing the loopholes which, sad to say, most of these rich folks used to enjoy. While they might face financial shock, it is by no means that they will go broke. Those who willgo broke are those who failed to see what is coming, who relied on gvt spoonfeeding them with lofty tenders they got through under the table negotiations. I can go on and on.
One thing I can tell u, Mr Slim made a bad investment and he is paying for it. Instead of whinning and blaming the gvt, he should have done his homework and see economy in a big picture. And final word - we need less of such investors.