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Kenya: No Extension for Lodging of Nyaga Claims
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The Nation (Nairobi)
13 May 2008
Posted to the web 13 May 2008
Philip Wahome
Nairobi
The deadline for investors to lodge claims for their shares in Nyaga Stockbrokers Limited will not be extended, the managers of the cash-strapped firm have said.
All clients and creditors have three weeks to lodge their claims or risk losing their investments. "We do not intend to extend the deadline at all," said Mr Chris Mwebesa, one of the joint statutory managers and Nairobi Stock Exchange chief executive, during an update at the Capital Markets Authority offices.
According to the stockbroker's joint statutory managers, a forensic audit will commence to verify the claims received at the expiry of the 21 days early next month.
In anticipation of at least 5,000 daily claims for the remaining period, the joint statutory managers of the firm have shifted the processing of claims to the more spacious Kenyatta International Conference Center (KICC).
"We have increased our personnel and we will serve the public for six days a week for the remaining period," said Mr Wycliffe Shami, the co-statutory manager.
Previously, all claims of the beleaguered stockbroker were being handled at its Nation Centre office and at six other branches in Nyeri, Thika, Nakuru, Kangari, Limuru and Karatina.
The statutory managers have processed about 50 per cent of the 69,000 active Central Depository accounts as at when the company collapsed. When the CMA and NSE stepped in, Nyaga Stockbrokers had 124,000 CDS accounts. Unconfirmed sources indicated the accounts held slightly above Sh1 billion of clients' money.
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"We have processed 32,000 accounts," said Mr Shami. Of these, 31,000 accounts had nil balances while 24,000 were dormant. The value of the claims, for those with active CDS accounts, would be settled based on the share price on a yet to be set date.
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