• Contact
Wednesday, February 8, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Uncategorized

Deloitte fined in Kenya for negligence that led to bond investors losing $40.3 million in collapsed bank

TAB by TAB
04/08/2022
in Uncategorized
0
Deloitte fined in Kenya for negligence that led to bond investors losing $40.3 million in collapsed bank
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

Deloitte fined in Kenya for negligence that led to bond investors losing $40.3 million in collapsed bank

A fine of $83,960 (Sh10 million) has been imposed on Deloitte by the Capital Markets Authority of Kenya (CMA).

Related posts

Climate emergency in Africa: time for adaptation solutions

Climate emergency in Africa: time for adaptation solutions

07/11/2022
2
Crypto to be treated as financial products in South Africa in move to better regulate digital assets

Crypto to be treated as financial products in South Africa in move to better regulate digital assets

20/10/2022
1

Business Insider Africa understands that this is the first of many likely penalties for Deloitte due to negligence which led to bond investors losing $40.3 million (Sh4.8 billion) following the collapse of Chase Bank Kenya Limited.

A report by the CMA, seen by Business Daily, explained that the audit firm had failed to verify Chase Bank’s claim that it operated a $17.6 million (Sh2.1 billion) account with the Central Bank of Kenya.

Interestingly, the non-existent bank account played a major role in inflating Chase Bank Kenya’s financial position, thereby enticing investors to pump $40.3 million into the company through a corporate bond issuance programme. The investors lost their money.

“The cash and balances at CBK were overstated in the published information memorandum by Sh2, 152,806,000. This overstatement inaccurately enhanced the liquidity position of the bank and materially influenced the decision of investors to subscribe to the medium-term note,” the CMA explained.

Note that Deloitte was the reporting accountant for Chase Bank Kenya at the time of the incident, hence the fine.

In its defence, the audit firm told CMA investigators that “the miscalculation did not cause the bank to breach the minimum liquidity ratio of 20 per cent as per the prudential guidelines. A downward adjustment of Sh2 billion would have caused the liquidity ratio to decrease approximately 43.5 per cent.”

But Deloitte’s defence notwithstanding, the CMA said the $83,960 fine would hold. In addition to the fine, the audit firm would face probe/scrutiny by the Institute of Certified Public Accountants of Kenya.

After the probe, Deloitte would be referred for an additional disciplinary action before a disciplinary committee. And if found liable, the firm could risk being suspended from operating in the East African market. And analysts believe this likely outcome would seriously hurt the company’s reputation and ability to retain clients.

Deloitte is the second largest audit firm in Kenya and a major player in East Africa and across the continent.

Deloitte fined in Kenya for negligence that led to bond investors losing $40.3 million in collapsed bank

Source: Africa Business Insider
Previous Post

Telecom Namibia to leverage the potential for digital transformation of the Namibian economy

Next Post

Malawi: Lilongwe promotes eco-tourism and reintroduces 263 elephants to Kasungu

Next Post
Malawi: Lilongwe promotes eco-tourism and reintroduces 263 elephants to Kasungu

Malawi: Lilongwe promotes eco-tourism and reintroduces 263 elephants to Kasungu

RECOMMENDED NEWS

Africa’s inability to refine its own crude oil is having a serious impact amid soaring global fuel prices

Africa’s inability to refine its own crude oil is having a serious impact amid soaring global fuel prices

8 months ago
5
Stellar jobs data pushes US stocks to new records

Stellar jobs data pushes US stocks to new records

1 year ago
5
Kenyan fintech Kwara acquires software company IRNET from KUSCCO for an undisclosed sum

Kenyan fintech Kwara acquires software company IRNET from KUSCCO for an undisclosed sum

4 weeks ago
3
Africa’s electricity boom seen needing $350bn investment

Africa’s electricity boom seen needing $350bn investment

11 months ago
5

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • Zanzibar’s president is looking to make horticulture a significant part of his country’s economy
  • Shell oil tanker questioned over payment of losses and damages
  • Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In