CMA reviews lifetime bans on former CMC Holdings Directors

July 26, 2016
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The lifetime disqualification of Kivai and Muthoka from holding future directorship in CMC Holdings Limited, the Board also found, was no longer necessary following the de-listing of the company/FILE
The lifetime disqualification of Kivai and Muthoka from holding future directorship in CMC Holdings Limited, the Board also found, was no longer necessary following the de-listing of the company/FILE

, NAIROBI, Kenya, Jul 26 – The Capital Markets Authority on Tuesday communicated its decision to review sanctions it placed on two former CMC Holdings Limited Directors four years ago.

CMA Head of Corporate Communications Antony Mwangi said the CMA Board had taken the decision to review the sanctions imposed on Peter Muthoka and Joseph Kivai after receiving petitions from them both on November 2015.

The board, he said, “following due process hearings,” had resolved to review the lifetime ban placed on Muthoka disqualifying him from holding a directorship position in any public listed company, “or licensed or approved persons including securities exchange in the capital markets in Kenya.”

The lifetime ‘sentence’ so to speak was reduced to five years with time served. “Effective August 3, 2012 to August 3, 2017.”

The lifetime disqualification of Kivai and Muthoka from holding future directorship in CMC Holdings Limited, the Board also found, was no longer necessary following the de-listing of the company.

“The disqualifications relating to CMC Holdings has lapsed following the de-listing of the company,” Mwangi communicated.

The review, Mwangi said, was informed by, “the fact that neither petitioner had been involved in the maintenance of fraudulent offshore accounts drawn from shareholder funds.”

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