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James Ndegwa exits CMA after six years Summary The tenure of billionaire businessman James Ndegwa at the Capital Markets Authority (CMA) has come to an end, bringing to a close his six-year term that was marked with conflict of interest accusations. Mr Ndegwa, who was first appointed to head the board in April 2015 and reappointed on March 28, 2018, announced his exit at the regulator at a closed virtual CMA forum on Tuesday. Friday April 16 2021 By BRIAN NGUGI Summary The tenure of billionaire businessman James Ndegwa at the Capital Markets Authority (CMA) has come to an end, bringing to a close his six-year term that was marked with conflict of interest accusations. ....
BUSINESS NEWS The Capital Markets Authority has cleared a former director of collapsed Imperial Bank of wrongdoing in the lenders’ issuance of a Sh2 billion corporate bond just one month before its collapse. Chris Diaz had argued in his defense that he joined the bank as an independent and non-executive director after the decision to issue the bond was made. Mr Diaz appeared before the CMA’s ad hoc committee that the regulator constituted to investigate the matter after he broke ranks with fellow directors, who rejected the CMA’s role in the matter. Eight Imperial Bank directors, including Alnashir Popat, Omurembe Iyadi, Jinit Shah, Anwar Hajee and Hanif Somji, declined to appear before the committee arguing that Section 11(3)(cc) & (h) of the CMA Act is unconstitutional because it allows the regulator to play overlapping roles. ....
Imperial Bank directors block CMA probe into Sh2bn bond Thursday April 15 2021 By OTIATO GUGUYU Summary Imperial Bank directors have stopped the Capital Markets Authority (CMA) from pursuing them over the Sh2 billion corporate bond that the lender issued a month before it was placed in receivership. The eight directors have blocked investigations through the CMA tribunal on grounds the probe team will be impartial. Imperial Bank directors have stopped the Capital Markets Authority (CMA) from pursuing them over the Sh2 billion corporate bond that the lender issued a month before it was placed in receivership. The eight directors have blocked investigations through the CMA tribunal on grounds the probe team will be impartial. ....