The Capital Markets Authority has completed the second phase of the investigations into the Kenol Kobil insider trading scandal. Since the investigations began, the markets regulator says it has recovered close to half a billion shillings.
In a statement to the press, the authority said that it has exonerated the Chairman and Founder of Kestrel Capital Mr Charles Field-Marsham of any wrongdoing. Mr Charles Field-Marsham was subjected to investigations alongside Kestrel’s former executive director Mr Andre DeSimone, stock broking agent Mr Aly Khan Satchu, and Mr Kunal Bid.
CMA formed a committee consisting of 4 independent members and 4 CMA board members to hear the case and give a final ruling on the matter. Mr. Andre DeSimone, Mr Aly Khan Satchu, and Mr Kunal Bid are still going through the enforcement proceedings.
Kenya has well-defined laws on Insider Trading. There has not been a successful prosecution on the matter since the law came into effect. In 2010, a court ruling cleared Terrence Davidson and Bernard Kibaru of insider trading allegations. It was the first investigation on insider dealing in Kenya.