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Monday, November 12, 2007

Sasanet Con Shocker: Nairobi Man Invested Kshs 10 Million In Collapsed Pyramid Scheme




During my controversial visit to Nairobi and then on to the Rift Valley some months back and which I talked about here, something very fascinating happened which I have not mentioned until now. (The visit was “controversial” because I admitted that it was the first time in many years that I was visiting the Kenyan capital and many of my readers felt cheated because they had always assumed that I was based in Nairobi.)

Anyway, during that visit, I sat at a dinner table somewhere in Nakuru with some relatives and listened as they explained to me in great detail how Kenyans were making a killing investing short term in some “solid investment companies.” One of the companies mentioned was Sasanet. They vehemently denied that it was a pyramid scheme and went on to tell me this amazing story about some smart lady who collects her cheques every month and then spends the rest of her time touring the world on some mercy missions and on holiday too.

What struck me was that I was not talking to some ordinary gullible wananchi on the streets. These were highly educated persons. The cream of society, so to speak. Some of the people on that table were the kind that regularly visited those capitals of the world the rest of us only hear about or see in movies and world news. New York, Washington, Paris, London etc.

Still, I only needed to ask a few questions and I was sure that what they were referring to were pyramid schemes (at the end of this article I explain how to tell a pyramid scheme instantly and the difference between pyramid schemes (illegal in most of the world) and Multi-level marketing (MLM) or Network marketing companies which is a very legitimate business. But what puzzled me even more was the fact that some companies mentioned like Sasanet had a very good image and were considered to be reputable businesses. Sasanet is one of the companies that had passed scrutiny and been licensed by the CCK Communication Commission of Kenya.

I asked where the money was being invested so as to yield such high returns and I was promptly told that it was being invested “off shore.” I could hardly prevent myself from giggling. Most of the returns “offshore” were usually very low, in the region of single digit percentages. Certainly not what would provide cash for the amazing returns of almost 20% for a brief 3 month periods being paid out by the likes of Sasanet in this case.

I took time to quietly explain to everybody why the investment schemes were definitely scams. But I could see that they were hardly convinced. After all I had no track record as a known investor. Who was I? In fact a couple of the people I was talking to on that table had leant me some cash during some hard times I had passed through not too long ago.

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5 comments:

kalamari said...

Not shying away from making something out of nothing but the manner in which Kimunya has been running things at Finance lately is not so very distant from the gullible practices of Sasanet. I mean here we are at the end of 2007, planning to finance and facilitate Primary and Secondary education for 2008, from the proceeds of a stock trade.

Some questions jump out. The first is, what happens if lets say the Safaricom IPO price drastically collapses due the discovery of some very bad accounting methods or a far stretch like the CEO being some fugitive from some obscure tropical island? The second is, what will the government sell in preparation for the 2009 school year? How long can we really and truly sustain these patch-work accounting practices?

Pertinent questions my brothers and sisters, pertinent questions.

Taabu said...

Chris shauri yako for disturbing Luka's sleep and beautiful dream in colours. Stop being a s care monger and envious of others success. Kwani you thing sasanet INVESTMENT ni fish mongering? Shame on you for your PEDESTRIAN understanding of the wheels that move our fledging economy.

It is economic war cries like yours which has succeeded in scaring investors who have withdrawn from NSE. Now you have all investors in IPO languishing in poverty like your LAZY rural folk flocking Nyatanga's space (not room nor salon) to peddle cheap rumour clothed as politics.

Common Chris, Kalamari and co smell the coffee join progressive Kenyans in creating wealth instead of being professional mourners and whinners. Start flower and dairy factories from your salaries and employ the dozen of school dropouts from your villages who only troop to the city to congest it USELESSLY instead of attaneding to the their heifer/grade cows in Mbita to raise college fees.

In a nutshell stop sowing seeds of discord among peace loving and prosperous Kenyans. Keep your cheap envy and propaganda to your own shores. Kenyans are on the move with and without PYRAMID schemes. Hiyo fikira zenu za majombo ishindwee, pepo mbaya.

Anonymous said...

MLM Legitmate? how so. It is just slower pyramid, but they are pyramid schemes too. Be careful with them.
http://www.mlmwatch.org/

DER

Anonymous said...

Sasanet and DECI were formed to raise funds for the ODM. Who is the founder of DECI? Please do not answer me!! What is the political affilliation of the DECI brothers? Who is the Patron of the child theft network in Kenya? How much has been raised from the sale of these poor kids? Why are these mega scandals timed to happen in an election year? Please do not assume that ODM funds are sourced from groundnut hawking in the city. Watch this column for a complete revelation, as long as Chris permits!! Unlike other bloggers, only less than 10% of articles are been posted. It seems I have created fear in the herd of Raila Kondoos. Kioko. BC, Canada. Kazi iendelee..

Anonymous said...

Just food for thought.

What could have happened if the directors of DECI pyramid scheme were from GEMA (kyuk)?

Tusijaribu kuweka tribe affiliation in matters of investment. Nobody is forcing anyone to invest and if your investment has gone bananas, you must have evaluated ur options to invest or not.

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