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The big scandal that we have already talked about here cannot stop with the simple sanction against the CEO. Everyone responsible must pay. Five-point explanations:
- The CEO cannot be held solely responsible because before sanctioning a loan there are essential steps according to the procedures in place. So neither Pabari from Kenya nor the broker from Dubai would have obtained this famous scandalous loan if each member concerned of the Loans Committee had done their duty.
- Doubts hover around these cases because certain members of the Institution are simply incapable of assessing the risks of cross-border transactions according to the report from EY and other specialists in the matter.
- How were these people named? It’s clear. We preferred political proximity to competence. And these are the consequences. The SBM runs the risk of losing billions. In both cases – Kenya and Dubai – there is no hope of getting everything back. The Kenyan Government will never agree to repay what a private company has taken out as a loan if it cannot honor its debts. And that’s what’s going to happen. So there is no point in misleading the people by making them believe that the Kenyan Government has acted as guarantor. It does not mean anything.
- The situation has become more serious because the investigation shows that not only was there criminal negligence but the whole affair gives the appearance of possible complicity. How else can we interpret the fact that certain protagonists of the Bank went to Dubai as guests of the client to a princely wedding?
- As in so many other cases, the only recourse to clarify things completely would be to dismiss all the members about whom doubts hover and to pursue the guilty without bias. But with this Government mired itself in a never-ending pool of scandals there is no hope that this will happen. They are close to the Kitchen so they will save their skins like cowards. Only the CEO will bear the burden as the scapegoat.
Conclusion- As in the case of Maradiva we will always find an expert consultant to come and save the furniture and rescue the members of the Kitchen from troubled waters. Meanwhile the country is sinking a little more every day into the abyss of ruin.
THE ‘SBM’ SCANDAL DESERVES LIGHTING
