NAIROBI, Kenya, Sep 6 – Lawyer Jinaro Kibet has been appointed chairman of the Capital Markets Tribunal for a period of three years, effective this month.
Prior to his appointment by the Office of the Deputy Prime Minister and Ministry of Finance, Mr Kibet was a member of the Tribunal which was established under the Capital Markets Act, to hear and determine appeals emanating from decisions made by the Capital Markets players.
“Mr Kibet is a partner in Ochieng, Onyango, Kibet & Ohaga Advocates. He has extensive experience in private legal practice since his admission to the Bar in 1989 with broad experience in commercial and civil law, divorce and family law, wills and probate, trademarks and trust law,” a statement from the Capital Market Authority said.
The new chairman is also said to have a deep interest in arbitration and commercial law litigation and is a member of the Law Society of Kenya and the Commonwealth Lawyers Association.
Mr Kibet joins three other members including Standard Chartered Chief Executive Officer Richard Etemesi, Dr Laila Macharia and Daniel Ndonye who together will make up a fully constituted Tribunal that can start hearing appeals.
According to the Capital Markets Act, the Tribunal should have one lawyer with at least seven years experience in the commercial and corporate sector; one accountant who shall have been in practice for a period of not less than seven years; and two persons who have demonstrated competence in the field of securities;
The law further demands that the secretary shall be an advocate with at least five years experience in commercial law.
However, the Tribunal as currently constituted has four members and although they will not have met the threshold in terms of numbers, the same Act does provide that for the purposes of hearing and determining any cause or matter, the chairman and two members of the Tribunal can form a quorum.
Some of the issues that this team will be addressing include getting redress for investors who may be aggrieved by their broker.
This may range from a dealer who has refused to grant compensation, to an investor who has suffered financial loss resulting from failure of the broker to meet his contractual obligations or pay unclaimed dividends to a beneficiary who resurfaces.
Anyone may appeal to the Capital Markets Tribunal “against such directions, refusal, limitations or restrictions, cancellations, suspension or removal, as the case may be within 15 days from the date on which decision was communicated to such person.”
In addition: “If any officer or employee of the licensed person removed under the provisions of subsection (2) (b) is aggrieved by the decision, he may appeal to the Capital Markets Tribunal, and the Tribunal may confirm, reverse or modify the decision and make any other order in the circumstances as it thinks just; and pending the determination of the appeal, the order of removal shall remain in effect,” the Act reads.
The Tribunal has all the ‘powers of the High Court’ meaning that it can summon witnesses, to take evidence upon oath or confirmation and to call for the production books and other documents.
All its hearings will be open to the public unless the Tribunal, with good cause, determines otherwise.