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« CPDM Fako III Executives Thank Militants | Main | NEO Dismisses Monitors »

Thursday, 28 June 2007

Comments

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Epizi

This kind of release is a disgrace in the 21st century financial institutional framework. How on earth will a bank get to that extend of loss without being check until now. One is almost ashame of the financial industry in Cameroon- one that have defined banking only to deposits and loans. Beside who do they even grant loans to and what deposit policies are in place. It is time for the so call COBAC to set up a research and analyst department that reveals in a more frequent occasion the performance of this institutions.Regulation is not just passing laws but visionary concern on the trend of the overall activities in the market. I am not a prophet of doom, but I must confess that Cameroon will face a major economic scratch in no distant future given the almost lack of experts to signal and declare possible bankruptcy before hand.

Presently micro finance institutions are springing up with little ease, in a while these houses will be more than their customers,Equity is eroding due to high operation cost and debts are stock piling.
Are we realy sure were we are heading to????

Such news does not even trigger the government and the custumers.I tell you one thing,if there was a really active stock markets in Cameroon before now, such a report will leave many people dead. We must get serious and stop this unreasonable joke.The result of this kind of report is eventually high capital flight,rising interest rates,gross disavings and even worst scary to attarct real external investment. We must not concerntrate much on this lips service in Cameroon, we need managers who can deliver, framework that can capitalize,proper corporate government,innovate and create avenues of strenght to local institutions against foreign ones. Certainly now, the goal of a poor client should very clear, get off this banks before the story in the late 80s and early 90s repeat itself.

Epizitone Anabi
Financail Economist
ebodume.anabi@hotmail.com

virgo

This situation is no surprise. It is the consequence for entrusting billions of public deposits to so-called "young and dynamic bankers" whose only objective is self enrichment. If Union Bank survives this crisis, I hope the new shareholders will know which corrective actions to take, namely not to give full powers to anybody without control.
Let us pray God that the COBAC appointees do a good job to avoid any rush on the banks as has happened in the past.

rexon

Epizi,

A corrupt system has nothing to offer as far as checks and balances are concerned. Figures would continue to remain a shadow to itself. An effective expert in earnings management practices,could still restructure the accounts of those two banks to report profits that even the COBAC executives could not have been able to detect. So, there might still be an element of witchhunting here by La Republique colonial system, giving that these two banks are our own (English Speaking origin). I am concerned that why only Ami

Ndiks

There is not even a central Bank Gov there.The thing,including interest rate is control fron BNP Parisbas.The control passes through BEAC. There is no home grown reforms.The munt colonialist and the fealty local goombahs are obsess in enriching selves by plundering and pillaging erstwhile Southern Cameroons.Those who make change impossible makes violent inevitable.A hoo-ha !!!

Epizi

Hello All,
I aggree with you all, as far as I can draw one of you believe in balance and checks being a dual concern at the point of political-business strings in Cameroon Banks as well as evident need for real experts, ensuring a stable banking system. We are saying thesame thing in diferent language though the intricacies may be hard to connect.

Rexon, you may be right about some manupulations from the government in place which I take it, is thesame government expected to regulate the banking system. But I want us to face the reality, there are predefined rules and standards set up for banks to comply when they review their annual earning reports. Therefore, there may be some element of political interferances which by some error is too small to pronounce a bank publicly deficit as we just saw. This has an impact as I quoted before, to all the stakeholders as such no government will take delight to destroy an image of these banks when its effect are spilled over to the entire system. Well perhaps they are shortsighted to see that, but I doubt.

Ndiks you may be quite right about the Central banking system, ofcourse it is controled externally, but imagine BEAC as the seat of a region that Cameroon is the major player.It is quite possible that system failure in the region largely depends on Cameroon. Interest rates are thus determined not arbitrarily but if any it is based on this kind of accurences.Some endogenous variables such as internal failures in locally owned banks in one of the member state will be too dangerous if unchecked.

I also strongly aggree in the culture of management,sometimes it is flexible enough to go away from the rules, but I am afraid local institutions are yet to stand before they broke their own rules because of political spears and pressure for no interest yeilding loans to political heavyweights- so sad.Really no grounds for reforms, what reforms even when appropriate grounds to suggest one is mar each time.

I will want to conclude that,unlike other countries an economy that fails to see banking system automous risk shock every now and then, and Cameroon is no different.I beg not to be so sentimental, but this so call southern origin banks have by and large french headmen which attracts that french culture of rejoicing and pronouncing failures in success and vice versa

M Nje

If this is true then it is a big shame. How often are we going to seat and watch our people go through this.

Where is the internal control system here. Shame to La Republique Du Cameroun. At the end of the day, it will be Southern Cameroonians who will suffer more if these banks were to file for bankruptcy.
It is the role of any government to set the standards for compliance and ensure full compliance for all sectors of an economy especially the financial sector. No economy and I mean none can ever prosper when its financial sector is in such disorder. It is a shame but not a surprise. Keep up the good work La Republique.

mk the southerner

This is how it is. The frogs sees nothing good from any Southern Cameroonian. Tell me all if this kine of a thing happened for the number of years Shey Tasha was running the Amity Bank. Please give back his bank to him.

Danny Boy

MK the Southerner,
if only you were correct with your analysis above! Why do we keep blaming La Republique for all our ills?
The fact of the matter is that Tasha and Bongang are responsible for the mess Amity Bank is in now. Please check and you might inform yourself and others on this forum.
This is a topic that has been covered on Camnetwork@yahoogroups.com, with expert analysis from Anglophone Bankers in the Diaspora.
Blessed be Cameroon.

rexon

FOREIGN DIPLOMATS FREE TO RAPE, ROB AND MURDER IN UK

FOREIGN embassy staff working in Britain are getting away with robbery, fraud and assault under the cloak of diplomatic immunity.

New figures released by the Foreign Office show that diplomats in this country allegedly committed 30 serious offences during the past two years. But because of their diplomatic status not one has been prosecuted.

Embassy staff from South Africa are accused of robbery, attempted robbery and car theft. A member of staff from Jordan is suspected of an assault causing actual bodily harm. And staff from Egypt, Equatorial Guinea and Zambia are accused of shoplifting. Two officials from teetotal Saudi Arabia are accused of drink-driving. A Nigerian is suspected of fraud.

But under the terms of the 1961 Vienna Convention foreign officials and their families and staff are protected from prosecution in their host country – effectively putting them above the law. Unless their home country agrees to waive their immunity from prosecution, there is nothing the British government can do except risk a diplomatic incident by ordering their expulsion.

The crime figures show that behind the tinted glass of the diplomatic limousine, drink-driving is commonplace, with 16 cases in the past two years alone.

Many diplomatic missions also display a cavalier attitude towards British driving regulations and taxes. Almost 5,500 parking tickets, speeding tickets and other “minor” traffic fines went unpaid by diplomatic staff last year.

Last year’s unpaid fines total almost £420,000 and a formal appeal by the Foreign Office recovered just £22,713. Saudi Arabia was the worst offender, clocking up a £30,000 bill for more than 300 motoring offences. Other countries clocking up more than 100 penalties last year included France, Germany, Russia, Afghanistan and China.

Foreign embassies are also reluctant to cough up the £8-a-day congestion charge. More than £4.5million is now owed in unpaid congestion charges and fines. The United States is the worst offender, owing almost £1.5million. London mayor Ken Livingstone caused controversy last year when he accused American Ambassador Robert Tuttle of being a “chiselling little crook” for not paying the charge.

Even though foreign embassies are usually based in expensive central London locations they have to pay just six per cent of their business rates bill to cover services such as street cleaning, fire services and lighting. But many refuse even to pay this.

Between them foreign diplomatic missions owe £821,000, with Algeria, Zimbabwe, Cameroon and Bangladesh the worst offenders.

In 1984 the then Tory government came under pressure to restrict diplomatic immunity in the wake of the shooting of WPC Yvonne Fletcher in the Libyan Embassy siege.

WPC Fletcher was allegedly shot with a gun smuggled in a diplomatic bag. In 2002 it took a personal intervention by Tony Blair to persuade the Colombian government to waive immunity against a diplomat accused of murdering a 23-year-old Britain.

Other crimes allegedly committed by diplomats in the past five years include rape, child abuse and people smuggling.

The Foreign Office, however, insists Britain cannot unilaterally alter the terms of the Vienna Convention.

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