NAIROBI, Kenya, Apr 23 – Josphert Konzolo has resigned as the chairman of the Kenya Association of Stockbrokers and Investment Banks (KASIB).
Mr Konzolo who has held the position for the last two years said on Tuesday that he made the decision after being charged in court over a criminal offence a few days ago.
“I have made the decision due to the tremendous respect that I have for the Capital Markets Authority and it is important that the integrity of the market is left intact. I am just about to attend a meeting to inform my members that I have made this decision,” Mr Konzolo told journalists in Nairobi.
Mr Konzolo who is the Managing Director of Reliable Securities said he would step aside until his name is cleared.
His announcement comes at a time when the market is struggling with credibility issues as regards stockbrokers and Investment Banks and also declined trade which is blamed on the departure of foreign investors due to the global economic crunch.
Mr Konzolo, a former Managing Trustee of the National Social Security Fund, was charged on Tuesday with conspiracy to defraud Barclays Bank of Kenya more than Sh100 million.
He was also accused of stealing Sh49.7 million from the bank.
Later in the day KASIB elected Michael Gichohi Managing Director of Suntra Investment Bank as the Chairman of KASIB in an acting capacity until the next Annual General Meeting.
“In order to ensure uninterrupted continuity in the industry, the Council of the Association has unanimously elected Michael Gichohi the Chairman of KASIB. The Council has no doubt that Mr Gichohi is up to the task and shall steer the Association in completing the difficult tasks that lie ahead,” KASIB Chief Executive Jane Njeru said.