Tuesday, September 22, 2020
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Declined licences renewal

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UAP Life Assurance and Capex Life Assurance confirmed that they had regulatory issues to settle and were hoping to have received approvals in a month’s time. The licence of UAP’s sister company, UAP Insurance Company which does general business, was renewed. UAP is eyeing listing on the Nairobi Securities Exchange this year.

CMC shareholder thrown out.

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Mr. Peter Muthoka, the largest shareholder in troubled motor firm CMC, and a co-director were on Monday toppled in a fresh boardroom coup engineered by the Capital Markets Authority (CMA).

Regulator stokes CMC board wars with ouster of directors

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The capital markets regulator on Monday stoked the management flames at motor dealer CMC Holdings with a fresh order seeking to send the entire board packing and replace it with a new one. CMA said it would appoint a caretaker board to replace the warring directors – a move that would effectively throw out the key protagonists in the four-month long boardroom battle that began in September.

Audit reveals how inflated tenders cost CMC Sh1.1 bn

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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.