Mr Andre DeSimone, the Chief Executive officer of Kenya’s largest stockbroking firm, Kestrel Capital, has resigned from his position just a few months after he was accused of insider dealing in the Kenol Kobil take over deal by Rubis Energie.
Mr DeSimone was implicated in the illegal trading activity in late 2018, alongside financial markets pundit Aly Khan Satchu, and Kenol Kobil’s CEO David Ohana. In February, Mr David Ohana agreed to cooperate with the Capital Markets Authority leaving Kestrel’s CEO and
Mr.DeSimone handed in his resignation on Friday 29th March. He has been at Kestrel since January 1995. His departure marks 24 years of service at the investment company. While serving as CEO, Mr. Desimone steered Kestrel into becoming Kenya’s most profitable stock broker. In 2017, the company earned a net profit of KSh33 million mainly supported by foreign stock market traders.
Accusations of insider trading have negatively affected Kestrel’s image among local and international investors. If found guilty, the company and its officials could face heavy fines for their involvement in the financial crime.
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