The other Indians were Kamlesh Pattni and Ketan Somaia.

CT:
In the tier of bad drivers on Kenyan roads, matatus come first followed by buses then trucks then pickups. Indians form the next class. An Indian guy will always want to cut in on others(read black) because he feels more superior. You never see a white driver behaving like the way the Indians do. In any case, if I ever come to a junction and there’s someone who wants some way, I will always stop for anyone other than the category of drivers I stated earlier with less hate for a pickup driver than the others, ohh Rav4 drivers are also slowly becoming a menace.

Anyway, I challenge you to observe the courtesy (if any) displayed by Indian drivers and compare that with any other driver that is not driving a matatu, bus or truck. Infact if anything, some truck drivers behave even better than many Indian drivers do.

I face matatus who overtake onto oncoming traffic, who stop in the MIDDLE of the road blocking both ways, who pick up passengers anywhere, who run red lights, etc

Since I also use matatus, it seems that they are mostly kikuyus… so those damn kikuyus… right? Tar the whole bunch, si?

In the USA, isn’t that the stereo-typing is about? A ‘gangsta-rapper’ is an African-American & all AAs are now thugs? BTW, it turns out the gangsta-rapper behind the scenes is a smart, savvy businessman!

KE: Puhleeze… we have kept up with kikuyu arrogance for 50 years. kenyatta screwed up the real good guys including Joseph Murumbi. Also kenyatta (& cronies) killed Pio Gama Pinto.

Watch ‘The Making of the Nation’ where kikuyu politicians ganged up & killed (literally) off any politician from other tribes including Mhindis. Even JM Kariuki was not spared coz he went to Tom Mboya’s funeral.

So, you are saying that Triton bought some oil? But KPC is saying they didn’t.

What other Indian is this who is behind another major scandal?

Who was that Indian cursing at and did the Kenyans curse back? I don’t understand why Kenyans still put up with their arrogance.

The impact of this greed, for many months we continued paying exorbitant prices for a commodity that was supposed to have been trading even lower. A company went down, a director is now living without peace and always looking over his shoulders, investment opportunities dwindle, privatization is now at a brink. The recession is almost catching up with Kenya despite of the resilience that’s been lurking around, jobs have been lost. What’s more, we have another Indian behind a major scandal. This and my recent personal experience with an Indian driver who caused a snarl up on one city road and comes out cursing plus the other many of his kind who never want to give way in traffic yet expect preferential treatment has made the almost dead soul of little racism in me come out from flat-lining, yeah, the soul is getting a pulse now.

In other words, was it wise for KCB to rely SOLELY on the product (“oil”) as it’s only source of collateral? Shouldn’t KCB have checked to see whether Triton had other physical assets or even cash reserves, which KCB could attach, in case the oil deal did not pan out?

From what you are saying here, it appears like Triton was really a dummy corporation set up entirely to fleece money. Does it have other assets? what’s it prior business record? i.e. has it sold oil before? who owns it and do the owners have assets?

When you say OM’s are needed otherwise you have a monopoly, isn’t Triton an OM monopoly anyway? I mean, is it a surprise that it’s the only OM that got the exclusive contract to distribute the oil?

Isn’t the solution to tell gas stations owners to get their oil from their franchisee’s? so, if you own a gas station that sells EXxon, make Exxon responsible for getting the oil to your gas station. And let exxon build it’s own storage containers and do everything else. That way, you completely disband KPC, OM’s and everyone else — doing this would make that industry totally private.

Technically, the fuel belongs to Triton BUT the fuel acts as collateral for KCB’s loan. If Triton defaults, then KCB ‘owns’ the product. When Triton defaulted, KCB went to ‘collect’ the product… and there was no product! Thus they did what you describe except the fuel was ’stolen’…

Triton is owned/backed by politicians.

KCB thought they would have the product/fuel to fall back on as collateral regardless of the rest of Triton’s finances. The ‘fraud’ is what did them in. KPC was not supposed to release the fuel to Triton without KCB’s approval coz there was a collateral management agreement between KCB & KPC. You are missing this point.

Biwott: Yes…

OMs are needed otherwise you have a monopoly. KPC running all the functions would be a disaster. What you are advocating is a means to enrich a few… The solution is to privatize ALL the players from KPRL, KPC, etc…

I don’t understand (or it doesn’t make sense to me) why the product (i.e. the oil) is held by the financier (in this case KCB bank).

KCB lends Triton the money. This then creates a contractual obligation between KCB and Triton, whereby, Triton will be required to repay the loan amount back based on the stipulations of whatever they agreed to within that loan contract.

So, if I am KCB bank, why would I care whether Triton actually buys the oil or not? That shouldn’t be my problem because I am simply a banker. All I want is to make sure that Triton pays back the loan I gave them, plus interest. Whether they sell oil or banana’s is irrelevant to me (as long as the loan gets paid back).

However, prior to KCB bank giving out a loan to Triton, they would have had to perform some due diligence. i.e. find out if Triton has other assets, which they can attach and sell off, if Triton is unable to pay back the loan. It appears like KCB did not perform this due diligence because Triton appears to be a dummy corporation with no real assets (physical or otherwise) that KCB can now attach in order to recover this loan money. Who owns Triton? Who are they?

I guess I don’t see the point of having oil marketers. Let KPC do it all — let them store and distribute the oil to gas stations. Why can’t the do that? And just eliminate these OM’s altogether.

If you want to become filthy, stinky rich in Kenya, become the minister of energy. That’s where Biwott made his billions.

1) KPC is supposed to be a mere ‘conduit/bridge/storage firm’. The oil is imported through the Oil Tender System (OTS) & the firms who participate are mainly Oil Marketers. It is the OMs who sell to the individual gas stations.

2) Under the OTS, one firm imports the oil on behalf of the entire industry (rules formulated by the Ministry of Energy & not fully supported by the private OMs)

The imports are stored at KPC’s depots. 70% of all product has to be processed at Kenya Petroleum Refineries Ltd (government rules/law). KPRL is an inefficient refiner & adds an additional KShs 3/- to the cost.

The product is always owned by the financier until it is paid for…

KPC on instructions of the financier releases product to the OMs. The OMs then sell it.

KPC performed the last step… without getting KCB’s approval. Or KPC claimed to have received product that was never delivered by Triton… so either way… fraud!

KPC lied about the existence of the oil. Nothing was ever imported. The chumes were probably shared…

Just my thoughts/opinion based on conjecture. No facts/proof.