Uchumi ex-CFO contests CMA’s decision to bar him from working in a listed firm

December 5, 2016
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Okumu was sent packing alongside Chief Executive Officer Jonathan Ciano for “gross misconduct and gross negligence/FILE
Okumu was sent packing alongside Chief Executive Officer Jonathan Ciano for “gross misconduct and gross negligence/FILE

, NAIROBI, Kenya, Dec 5 – Former Uchumi Supermarkets Chief Finance Officer Chadwick Omondi Okumu is in court to contest the move by Capital Markets Authority (CMA) to bar him from being a board member of public listed firms for a period of two years.

In an urgent suit Okumu accuses CMA of acting in breach his constitutional rights as sanctions imposed will affect his livelihood.

It is his argument that he lawfully performed his duties until June 15, 2016 when the management relieved him of his duties from the state corporation.

Okumu was sent packing alongside Chief Executive Officer Jonathan Ciano for “gross misconduct and gross negligence.

Former directors James Murigu, Joyce Ogundo and Bartholomew Ragalo have also filed a similar application against CMA.

The regulator has since ordered Ragalo to pay Sh855,000 he earned as a board member.

Murigu, on the other hand will be out of the boardroom for one year and is required to refund Sh660,000 as allowances he earned while on the board of Uchumi.

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