Behind every story there is a story but funny how the third party view is considered always right.The charter house bank has been in the lime light over three main issues that is money laundering,tax evasions and exposure breaches.The bank faced closure for years ago and recently there is word going around that it will resume operation soon ,this has sparked off different reactions from the society, government and finally diplomats.Focusing on the positive the ideal point to start with is actually why closure?It was relevant for the government to act first to avoid the media outburst that would be drawn from the charter house saga when it was first brought to the public eye.This was a great move according to my view ,it eliminated panic for Kenyans as a whole since most people have lost money in banking scandals,it also tarnishes the reputation of a country in this case Kenya this was done for the best interest of Kenyans who would lose the confidence of their investors and as an end result would actually cause economic instability finally it did safeguard the interest of the customer base charter house bank had. Its important for the bank to reopen this is because after four years of closure no verdict has been made in regards to the bank closure,take the tax evation claim accordong to kenya revenue authority the bank has been given a clean bill of healthy tax submissions what it really sought to look at were the bank customers .KRA clearing the bank means alot since they confirmed the fact that they didnot evade taxes unless one of the customers did of which they been investiagating over a hundred accounts and none so far has been found. Charter house bank reopening would be great since everyone including business that fail has a chance to improve.what should be carried foward is that the bad apples thet led to mismanagement of the bank should be dealt with independently thus letting the bank resume operations.This is clearly illustrated for example by Uchumi whereby it recovered and reopened most of the closed branches , while all those who where involved in dirty business where brought to justice. Muthoni Kimani recently when routing for the bank to be reopened saying reasons for closure nolonger make sense this is probably so given that central bank had renewed the banking licence of the bank even if it knew it was involved in money laundering thus giving it a clean reputation. Also it is relevant to look at the foreign pressure to have the bank closed and actually why they are really involved in this saga.There has been threats to drop relationships with Kenya but the question is for how long will we be influenced by foriegners who put conditions on us.The whistle blowers sought refuge in America , what makes them so righteous that they are never given the benefit of doubt.They should air their views and back off to let kenya operate how it knows best and for the good o f the country and our economy. The other reason is that the central bank,Kenya anti corruption ,the Attorney General and the Kenya revenue authority not forgetting the ministry of finance are distancing themselves from the decision to close the bank this is mainly because no key evidence has been found against the bank which was performing so well.With all this in mind Charter House bank deserves to reopen under new management and on a close watch by the proper institutions.
Behind every story there is a story but funny how the third party view is considered always right.The charter house bank has been in the lime light over three main issues that is money laundering,tax evasions and exposure breaches.The bank faced closure for years ago and recently there is word going around that it will resume operation soon ,this has sparked off different reactions from the society, government and finally diplomats.Focusing on the positive the ideal point to start with is actually why closure?It was relevant for the government to act first to avoid the media outburst that would be drawn from the charter house saga when it was first brought to the public eye.This was a great move according to my view ,it eliminated panic for Kenyans as a whole since most people have lost money in banking scandals,it also tarnishes the reputation of a country in this case Kenya this was done for the best interest of Kenyans who would lose the confidence of their investors and as an end result would actually cause economic instability finally it did safeguard the interest of the customer base charter house bank had.
ReplyDeleteIts important for the bank to reopen this is because after four years of closure no verdict has been made in regards to the bank closure,take the tax evation claim accordong to kenya revenue authority the bank has been given a clean bill of healthy tax submissions what it really sought to look at were the bank customers .KRA clearing the bank means alot since they confirmed the fact that they didnot evade taxes unless one of the customers did of which they been investiagating over a hundred accounts and none so far has been found.
Charter house bank reopening would be great since everyone including business that fail has a chance to improve.what should be carried foward is that the bad apples thet led to mismanagement of the bank should be dealt with independently thus letting the bank resume operations.This is clearly illustrated for example by Uchumi whereby it recovered and reopened most of the closed branches , while all those who where involved in dirty business where brought to justice.
Muthoni Kimani recently when routing for the bank to be reopened saying reasons for closure nolonger make sense this is probably so given that central bank had renewed the banking licence of the bank even if it knew it was involved in money laundering thus giving it a clean reputation.
Also it is relevant to look at the foreign pressure to have the bank closed and actually why they are really involved in this saga.There has been threats to drop relationships with Kenya but the question is for how long will we be influenced by foriegners who put conditions on us.The whistle blowers sought refuge in America , what makes them so righteous that they are never given the benefit of doubt.They should air their views and back off to let kenya operate how it knows best and for the good o f the country and our economy.
The other reason is that the central bank,Kenya anti corruption ,the Attorney General and the Kenya revenue authority not forgetting the ministry of finance are distancing themselves from the decision to close the bank this is mainly because no key evidence has been found against the bank which was performing so well.With all this in mind Charter House bank deserves to reopen under new management and on a close watch by the proper institutions.