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CMA enlists East Africa Data handlers in insider trading probe

East Africa Data handlers is retrieving information from computers and mobile phones of key individuals. Photo/FILE.

NAIROBI, Kenya Jan 31-The Capital Markets Authority (CMA) has enlisted the services of East Africa Data Handlers, in an investigation on alleged insider trading of KenolKobil shares.

The data firm is required to help the regulatory authority get information that is key in the investigation that were launched following claims of insider trading of the shares ahead of an announcement last year of a Sh35 billion takeover of the oil firm.

KenolKobil’s sale to French fir Rubis Energie is at an advanced stage, but the investigations are focussed on how huge stock purchases were placed for sale through a specific stock brokerage firm just days before the mega deal announcement.

Sources familiar with the investigation said the data firm is helping the authority retrieve information from various communication gadgets—including mobile phones and laptops of key individuals linked to the suspected scandal.

Of particular interest to the authority are top officials of the oil firm and a stockbrokerage firm among others.

An official familiar with the investigation sanctioned by CMA has told Capital Business that East Africa Data Handlers has already submitted preliminary reports from the investigations so far.

Even though the data firm’s Chief Executive Officer George Njoroge declined to comment on the matter, an official familiar with the investigation sanctioned by CMA has told Capital Business that East Africa Data Handlers has already submitted preliminary reports from the investigations so far.

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