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CMA boss grilled, MPs call for probe into billions lost at company

CMA boss grilled, MPs call for probe into billions lost at company BUSINESS Wyckliffe Shamiah, the CEO of CMA. [Courtesy] The National Assembly is set to form an inquiry into Cytonn and other entities where investors have lost billions of shillings. This is as MPs yesterday turned the heat on the Capital Markets Authority (CMA) accusing it of failing to protect investors in Cytonn, Imperial, and Chase bank bonds among others. National Assembly Finance and National Planning Committee Chairperson Gladys Wanga lamented that Kenyans had been left on their own with the regulator appearing helpless and shifting blame. “You just came to tell us it has nothing to do with you,” said Wanga.

CBK blocked from disclosing report on Imperial Bank

CBK blocked from disclosing report on Imperial Bank SAM KIPLAGAT The Attorney-General has blocked the Central Bank of Kenya (CBK) from revealing or tabling in Parliament findings of a forensic audit on the collapse of Imperial Bank. CBK governor Patrick Njoroge and Treasury Cabinet secretary Ukur Yatani said the State could not share findings or summaries of the report with the National Assembly as required under Article 125 of the Constitution. Dr Njoroge said there are several cases related to the forensic audit that are before the courts and further work by investigating agencies was progressing. “The Attorney-General advised that, in the circumstances, sharing at this stage the findings and summaries of the forensic audit would undermine investigations and prejudice successful prosecution and defence of the ongoing cases. The overriding objective is to guard against prejudicing the course of investigations,” he said. Imperial Bank, which is under Kenya Dep

KDIC rolls out banks risk-based premium model after one-year suspension

KDIC rolls out banks risk-based premium model after one-year suspension
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