Motor dealer CMC Holdings lost more than Sh1.1 billion in inflated charges paid over five years to a transport and logistics firm owned by CMC board member and former chairman Peter Muthoka, a forensic audit by Price water house Coopers (PwC) has found.

The Capital Markets Authority has extended the suspension of CMC Holdings Limited from trading at the Nairobi Securities Exchange (NSE) for another 21 days.

The extension takes effect on February 3 when the initial 90-day suspension expires. While allowing the board of directors an opportunity to resolve disagreements at CMC, the Capital Markets Authority intervened by suspending trading of the company’s shares on the NSE to enable the investing public an opportunity to get a true picture of affairs at the auto-dealer.

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The suspension of CMC shares from trading at the Nairobi Securities Exchange (NSE) is set to be extended beyond the January 26 deadline after the regulator announced that findings of an ongoing forensic audit will be released in the first week of February.