So, investment banks in Kenya were forced to publish their financial results and you can examine those results by clicking on this link, which will open it up as an excel document. Kenyan Investment Banks (Financial Results Summary)(1).
Now, I have no idea whether these results are accurate or not. I’ve said before that people have a tendency to look at company financial statements as if they are some kind of Hamurabi code, written in blood and etched in eternal stone.
These statements are written by a bunch of guys sitting in a room and they can put down whatever it is they want and it’s very difficult to verify especially given Kenya’s lax rule of law environment.
Anyway, looking at all those numbers will give me a migraine, but I know there are some readers here who love dealing with numbers and if your one of those people, you should go through the above document and leave a comment here about what you think.
The numbers look low to me (maybe they are trying to avoid the taxman’s noose) but who knows? I think the problems with the whole industry are generally the problems that seem to be plaguing much of the country and that is, there is really no rule of law and when you are dealing with the public’s money, the only answer is to strengthen your securities laws & to prosecute white collar crimes, but how can you do that when the president and his closest advisers are the biggest white collar thieves in the country?
Why Stella Kilonzo and Micah Cheserem haven’t been able to boil this down to a rule of law issue is beyond me.