Press Release

CMA recovers additional Ksh19 Million in connection with suspicious trades in KenolKobil shares

Nairobi, 20 May 2019…The Capital Markets Authority (CMA) has completed the outstanding aspects of the insider trading investigations into the KenolKobil counter and has secured the surrender of an additional Ksh19 million of potentially illegal gains through No Contest Settlement Agreements from an additional 5 traders whose accounts were frozen. This further recovery is in addition to the Ksh458 million recovered in March 2019 related to the larger component of the suspicious trades identified through a total of 14 frozen accounts. All the recovered funds will be paid into the Investor Compensation Fund.

Upon review of the final investigation findings and recommendations, the CMA Board has resolved to initiate enforcement proceedings against one more person by the name Mr. Kunal Bid, a Kestrel Capital Stock Broking Agent for possible insider trading in connection with 4 traders leading to potential illegal capital gains of Ksh23.5 million. At the same time the CMA Board has released funds amounting to Ksh3.8 million belonging to the last trader following a determination that he had not traded using insider information.

Furthermore, upon review of the written submissions of Mr. Charles Field-Marsham in response to the Notice to Show Cause issued to him and further investigatory findings, the CMA Board has cleared Mr. Charles Field-Marsham of potential liability for insider dealing.

The Authority has constituted an Adhoc Board Committee comprising of 4 CMA board members and 4 independent persons for the sole purpose of hearing and determination of the allegations contained in the outstanding Notices to Show Cause on the suspicious trades in KenolKobil shares. The 4 independent members are Hon. Retired Chief Justice Willy Mutunga; Dr. Jim McFie, a respected academic and business leader; Patricia Kiwanuka, President of the CFA Society of East Africa; and Anne Eriksson, former Country and Senior Regional Partner PWC.



The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes;

Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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