IMMIGRATION minister Otieno Kajwang’ has revoked the work permit for Bil Lay, the chief executive of listed motor company CMC. An in-house memo signed by the minister dated 20 December 2011 to the director of immigration services directed that Lay’s work permit be withdrawn until boardroom squabbles at the motor dealership were resolved.
A judge on Wednesday cancelled an extraordinary general meeting for CMC shareholders called by the ousted chairman, Mr Peter Wambua Muthoka.
The Capital markets regulator is opposed to the meeting scheduled for November 21, arguing that it will derail the ongoing forensic audit into the company’s finances should the extra-ordinary general meeting (EGM) replace four directors key to the probe.
Motor dealer CMC sunk deeper into trouble on Monday after the capital markets regulator launched investigations into suspect trading of the company’s shares at the Nairobi bourse.
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