Tuesday, September 22, 2020
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Tag: Nairobi Securities Exchange (NSE)

Declined licences renewal

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.

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

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

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.