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Kenya: Nyaga to Pay Investor Claims At KICC
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Business Daily (Nairobi)
11 May 2008
Posted to the web 12 May 2008
Emmanuel Were
Nairobi
Filing of claims for the collapsed Nyaga Stockbrokers will today shift to the more spacious KICC grounds as the statutory managers race to meet their deadline.
The shift of venue to KICC from Nation Centre is meant to speed up the process. Sources said the managers wanted to process a minimum of 2,000 claims a day by the extended deadline of June 9, 2008.
Reorganisation of the process has been read as an attempt on the part of the statutory managers to beat the six-month deadline of September, this year.
"They are doing everything possible because claims are most likely to be paid out in September," said a reliable source involved in the process.
It is understood that close to 30 temporary staff have been brought on board.
A signed public statement by the joint statutory managers, Wycliffe Shamiah and Chris Mwebesa said there shall be no further extension of the new deadline.
An initial deadline of May 17 for receiving claims had been set when the managers took up their positions. In an earlier interview with the Business Daily, Mr Mwebesa, who is also the NSE chief executive said they could only process between 300 to 400 claims in a day.
Processed claims to date stand at about 25,000, barely a fifth of the 130,000 clients whose accounts were in Nyaga Stockbrokers.
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Nyaga Stockbrokers closed its doors to the public on March 5, after it was put under statutory management by the Capital Markets Authority (CMA) following claims that its managers were selling investors' shares without their consent.
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