Capital Markets Authority has said it has entered into a consent with David Ohana, the Kenol Kobil’s Chief Executive in connection with insider trading investigations at Nairobi’s Chief Magistrate’s Court.
Mr Ohana, a key suspect in the investigations alongside Andre de Simone (CEO, Kestrel Capital), and Ally Khan Satchu, a Nairobi-based trader, is expected to be a witness after CMA asked the courts to excuse him from further proceedings.
“The 3rd Respondent (Mr Ohana) has voluntarily cooperated with the Applicant (CMA) in terms of orders issued on 14 January 2019, and has confirmed that he takes no issue with the manner in which the orders were sought, granted and executed against him by the applicant,” reads a consent notice by lawyers Timothy Githendu and Mohammed Muigai, acting for CMA and Mr Ohana respectively, brought before the courts.
“The 3rd Respondent accepts that any information obtained by the Applicant from the gadgets voluntarily surrendered by him to the Applicant may be used by the Applicant in its investigations against the 3rd Respondent on the alleged insider trading on the Kenol Kobil counter at the Securities Exchange,” added the notice.
CMA has accused the three for privileged trading in KenolKobil’s shares ahead of Ksh35 billion takeover bid by Rubis Energie.
Mr Satchu is alleged to have contacted several traders on the takeover which led them to purchase 62.6 million KenolKobil shares, in anticipation to make half a billion upon completion of the deal.