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Post by Ed on Nov 7, 2006 20:34:56 GMT 3
During his Inteview on KASS FM in Washington DC (Sat. Nov 4,2006), Presidential contender Raial Odinga boldly stated that the Stock exchange growth was due to drug money being used to buy stocks. He said "..it is all money laundering."
(This is a very serious allegation, if it was made about the USA the FBI would now be at the door of KASSFM. Kenya CID should swing into action and investigated.)
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Post by Kioko on Nov 7, 2006 20:36:00 GMT 3
The silence in this forum surrounding Raila's claim that Nairobi Stock Exchange is running on drugs money is astounding.
Who believes this is true? Where is the drugs money? Who are the drug dealers? Is this really responsible statement for a presidential candidate to make? Does Raila understand that the stock market is a financial institution that thrives on public confidence? Does Raila understand that people have invested their life savings in the stock market, and that such savings can disappear because of irresponsible statements like his? Who does Raila expect to govern when he becomes president? A bunch of non-investors?
If Raila believes in the rule of law, why does he not share whatever information he has with the police?
If Raila loves his country, why did he chose to make this claim in a foreign country from which we are trying to woe some investors?
Raila capable of separating his hatred for Kibaki from the national interest?
Why does he not just say that all the unheard of profits that corporations are making in Kenya are all the result of drug money?
There is an impunity sorrouding this man, Raila. Now, if he is questioned by the police, it will be made to appear like he was being persecuted. He knows this, hence the feeling that nothing can happen to him, whatever he says or does.
I am beginning to believe that Raila is the most powerful man in Kenya today - even without his ever being president, a position I am increasingly convinced he will never attain however had he tries.
No wonder he has not opted to issue an IPO for East African Spectre, his company.
No wonder he prefers to deal underhand with the Molassas. The Luos contribute cash for Raila to buy the Molasses plant, just like his father before him asked poor Luos to contribute money to the formation of Nyanza Thrift, money which has disappeared completely into the Odinga family pockets.
I am beginning to think that the real reason Raila hates the Nairobi Stock Exchange are the disclosure rules, which he obviously cannot stomach.
To me, there is no difference between Raila and Kihika Kimani and other landbuying magnates who stole from the poor under the pretext that they were going to buy land for them.
There is your presidential candidate. Until he is held accountable for his utterances or apologizes for his remarks about the NSE, I will never think of him as presidential material.
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Post by Fred on Nov 7, 2006 20:37:05 GMT 3
Kioko's take on Agwambo's utterence regarding the NSE is right on the money! The claim that NSE is running on drug cash is particularly reckless, no matter how much you love the man! Where was this money at the exchange when the drug barons ruled the boards under Moi?
Raila may need to take this statement back and apologize to wananchi who stand in line for hours to buy even a Ksh50 worth of shares of floated national IPOs.
John Kerry blundered with his statement regarding our men in uniform in Iraq. He owned up and moved on, Raila should do the same. No, you cant make a statement of this kind; even to a largely Kenyan audience if you want to lead them! A presidential candidate should not make Kenyans leary of investing in their own country! Who wants to invest in an exchange running on illegal cash inflows?
Take this back, Agwambo!
Aboge
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Post by Matunda on Nov 7, 2006 20:38:15 GMT 3
Fred, Kioko,
You speak well.
In the mordern world, leaders' utterances can cause substantial ripples and wipe people's wealth and livelihood. A reckless comment from a leader can see markets tumble as traders abandon the market for "safer" ground.
If Raila wants ever to be the president of Kenya, he should learn some restraint and know when to speak and when to hold back. It is clear that despite the image-making that he has crafted recently, he remains a pathetic oppositionist who can go to any length to attack opponents despite the cost to the country.
It is plain silly (nay stupid) to keep on throwing mud at everything; he needs to learn to choose his tools of attack properly.
I shudder that some people consider this man to become the country's president!
God forbid if that happens.
Matunda
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Post by Wainaina on Nov 7, 2006 20:39:24 GMT 3
All investors and the NSE as an insitution should take Mr. Raila to court. He should give evidence or face the full force of the law. Apologies not accepted.
As Hon. Mugo put it, "You do not attack a respectable institution like the Nairobi Stock Exchange by insinuating that there is drug money. I am challenging Raila to prove his claim," said Mugo.
Agutuke!
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Post by Wainaina on Nov 7, 2006 20:41:03 GMT 3
...and if Kibaki's govt is such a pathtic failure, whyis BEPAD etc congratulating his govt every day? Or is NEPAD in NARC-Kenya?
Anyone who wants to vie in 2007must give his own develeopment case rather than peddling lies.
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Post by Kihara on Nov 7, 2006 20:42:35 GMT 3
Kioko
I for one have not responded to Raila's claims that NSE runs on drug money because they are ridiculous. Most people realize that he is merely politicking or as they say "rubbishing" the progress in the NSE. Even in America people use smear campaigns against their opponents so why should we expect Kenya to be different.
Until Raila can provide proof there is no use responding to these allegations.
BTW, it would be interesting to see just how much of his own money (shares in companies) that Raila has invested in the NSE. Anyone out there who can find out this information?
Have a consipiracy filled day.
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Post by Elijah on Nov 7, 2006 20:45:22 GMT 3
Raila may have blundered if he can not substantiate his claims.It will be in order to ask for prove.Should this allegation be found to exist action should be taken accordingly.
This is not the first time we are hearing this allegation though it is the first time a prominent politician has made the remarks.The two brothers deported insted of being arrested and charged were drug barons with Government securuty and clearence.
Kibaki makes plunders abuses the people he is leading "Wapumbafu" he is the preseident,Michuki engages in gangster raids he is the minister of internal security,politicians make reckless remarks daily and nothing happens to them.Raila should not be singled out unnecessarily.
The Government fears to investigate such allegations for obvious reason and this one will only be dealt in this forum.Why is the government silent to such a tall allegation???
The two gangsters deported conviniently to avoid embarrasing the goventment and who operated in the country like police commissioners is a worse plunder than making an allegation.
We must ask for details and the committe members who hosted Raila need to secure an explanation or appology.
Emagutu
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Post by Ed on Nov 7, 2006 20:47:09 GMT 3
Narc-Kenya accuses Raila of peddling lies ------------------------------------------------------------- By JOSEPH MURIMI (Eastandard.net)
Narc-Kenya has dismissed Lang'ata MP, Mr Raila Odinga, as a power hungry politician ready to betray his country for personal gain.
Speaking at the Narc-Kenya headquarters in Nairobi yesterday, Education assistant minister, Mrs Beth Mugo, told Raila to stop peddling lies abroad.
Mugo, who is the chairman of the Narc-Kenya's publicity commission, said the alarmist statements being made by Raila could only lead to destruction.
She said it clear that Raila does not have the welfare of the country at heart by telling the international community that no economic growth has taken place.
"It is absurd for a person of Raila's calibre to spoil the name of a government that has achieved so much within a very short time. It is pathetic that the politics of ODM-Kenya have sunk so low," Mugo said.
She said the statements Raila has been issuing particularly the one to do with the Nairobi Stock Exchange is hurting the economy.
"You do not attack a respectable institution like the Nairobi Stock Exchange by insinuating that there is drug money. I am challenging Raila to prove his claim," said Mugo.
Raila who is on tour in the US has not wasted a chance to blast the Government over alleged corruption and other ills.
Mugo said Raila should not promise Kenyans a better life when in reality he is making the country ungovernable through propaganda
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Post by Charles on Nov 8, 2006 9:24:34 GMT 3
On Raila and the economy: Raila might be very much aware of what goes on at the NSE (Nairobi Stock Exchange). So when he throws a barb here and a jab there pliz take your time to research to know what he's talking about. NSE is a respectable institution- we agree but, what are its dealings? We may not know for sure! A couple of months ago it was the Artur brothers and it was Raila who stood up and said they were mercenaries hired by the government to commit shady crimes. The Artur saga has never been solved to date. Now if the NSE dealings are genuine why do only fewer Kenyans and in fact a select few deal at the bourse? Why do companies like Bamburi are largely owned by Lafarge of France (almost 80%) and local companies like NSSF have only less than 20 % of its holdings? Who actually does NSE represent? Local investors with vested interests or foreign investors who have invested locally? The mystery of investment in Kenya, if solved will have resources trickle down to the masses or in simple economic terminology (equal distribution of wealth across the board). You cannot say the economy improved at 5.8% when my mother can't afford to buy her prescription medicine! When my brother hasn't been able to pay his tuition adequately in the local college he attends! When my sister complains about slow business for her textiles and clothing venture. In other words there is no disposable income circulating in the market for such basic necessities leave alone the luxuries. But we have people in that economy who can purchase sleek cars (state of the art) before they even see the end of an assembly line. I am not envying their efforts to buy a posh vehicle or live in a classy mansion but I can question how 1+1 =3 instead of 2. I can question why Goldenberg perpetrators and and those who Angloleased have been left free. I can question why military personnel import vehicles tax free even when they are not on official duties overseas whilst I pick their tabs at the A.F.C.O (Armed Forces Canteen Organizations) locally. I will question on and on? Why the government cannot be trusted by its citizens to offer security when external forces attack our sisters and brothers in Turkana and Pokot areas. It all starts from the top and we demand answers from H.E, Commander in Chief of the Kenyan Republic. We demand answers from Mzee Emilio Mwai Kibaki. Its not a Raila issue its a Kenyan issue. It affects my cousin Athuman in Kaloleni as much as Kanyi from Nanyuki, it concerns Katheu from Mwingi and Akinyi at Mbita too. We may differ with Raila in his political opinion but, when it comes to the economy you better explain how business is done both at the NSE, StateHouse, Ports Authority, KRA, NSSF, NHIF etc etc. Unedited, Charles Mogeni
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Post by mwekezaji on Nov 8, 2006 21:22:25 GMT 3
If Raila and his ODM-K will find a weapon against Kibaki and Narc- Kenya it will not be an economic one. Raila knows that the economy is one area he cannot fight Kibaki fairly or squarely on.
So in his impotence in the economic fight against the current government, Raila has to concoct lies to either diminish the economic progress of the regime, or peddle lies about the NSE to scare investors out of the bourse and precipitate its collapse. What Railas emergng limited knowledge in economics and NSE does not seem to know is that drug money may amount to so much in billions but it alone cannot push the index consistently higher and maintain it there for so long.
The NSE is a key institution in facilitating sustained economic growth in the country, and going by the current trends it (NSE) is equal to the task of facilitating a growth of 10 per cent per annum for the Kenyas economy. The market capitalization of the NSE has increased by 550 percent to approximately 730 billion shillings, from 112 billion shillings in December 2002. In the same period, the NSE 20-Share Index has increased by 260 percent to 4890. this grow is LARGELY due to the government’s divestiture programme from parastatals, that has stimulated this growth of the NSE.
By watering down the NSE growth and dopping the bourse, Railas is attempting to rubbish the governments success in the privatization program of parastatals and quasi-government companies such as KenGen, whose IPO alone raised Ksh8 billion, Mumias sugar, Telkom Kenya. The exchequers Treasury Bonds currently have face value of 75 billion shillings at the NSE.
The NSE is an economic success and should be a national pride, and Raila has no reasobale or intelligent counter to, in his attack agains the current government.
The NSE success portends to the fact that Kenya has the potential of joining the ranks of newly industrialized countries by raising the required financial resources from the capital market.
Kenyans work hard for their money, for politicians to rubbish their success. Raila muck raking the NSE was an insult to hard working Kenyans and investors alike, not an insult to Kibaki.
mwekezaji
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Post by Ed on Nov 8, 2006 22:10:10 GMT 3
We sweat to buy shares ---------------------------------- I was offended when Lang’ata MP Mr Raila Odinga attributed the boom at the Nairobi Stock Exchange to cleansing of drug money. This is an insult to Kenyans who have sold their maize, wheat, goats and honey to own a piece of blue chip companies. During the KenGen IPO, the number of CDS accounts increased from 30,000 to about 200,000. Does Raila want us to believe that Kenyans who formed long queues were drug dealers? He told the world that the price of kerosene has risen from Sh30 to Sh80 a litre. Does Raila use kerosene in his house? When he returns, he should do two things: Display his CDS statement of account and show Kenyans where kerosene is bought at Sh80. Distressed investor Bomet www.eastandard.net/hm_news/news_s.php?articleid=1143960779
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Post by JM on Nov 9, 2006 8:26:02 GMT 3
Raila's recent criticism of the Government is baseless Publication Date: 11/9/2006
Recent media reports attributed to Lang'ata MP Raila Odinga are a deliberate attempt to portray the Government and the country in bad light. A patriotic leader would never attack his motherland in a foreign country, as Mr Odinga has continued to do on his foreign trips.
Mr Odinga should, surely, know that the computation of a country's Gross Domestic Product is done using a scientific formula which no economist or institution has challenged.
His attempt to down scale the country's economic growth by two per cent is a desperate effort to undermine public confidence in the Government's success in turning around the economy. This is something many Kenyans have accepted as a reality. The Lang'ata MP is, therefore, not being honest when he alleges that the economy did not grow by 5.8 per cent last year.
This tremendous growth is being felt in all the sectors. The growth in agriculture was 6.7 per cent; and tourism, 13 per cent. Impressive growth has also been recorded in construction, 7.2 per cent; manufacturing, five per cent; energy, 6.8 per cent and transport and communication, 8.3 per cent.
Contrary to Mr Odinga's allegation during his current tour of the US, the boom at the Nairobi Stock Exchange is not as a result of "drugs money". It is, in fact, a result of the sound economic policies by the Government, the hard work of Kenyans, as well as improved performance of the listed companies.
Mr Odinga has formed the habit of casting aspersions on the First Family. On several occasions, it has been clarified that there is only one First Lady, Mrs Lucy Kibaki.
His allegation that there is a second First Lady should be treated with the contempt it deserves. Needless to say, the First Family should be accorded high respect and decorum by all Kenyans, including Mr Odinga.
JOHN N. MICHUKI, Minister of State for Provincial Administration and Internal Security, Nairobi.
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