CMA bans Njonjo, six others as directors on listed firms
Posted Friday, August 3 2012 at 18:31
Those banned from sitting as directors on listed firms
- Charles Njonjo
- James Kiereini
- Peter Muthoka
- Martin Foster
- Richard Kemoli
- Sobakchand Shah
- Andrew Hamilton
Former Attorney-General Charles Njonjo has alongside six past directors at motor dealer CMC been banned from sitting on the board of any firms listed at the Nairobi Securities Exchange.
Kung'u Gatabaki, the chairman at Capital Market Authority (CMA) has announced that the seven former directors betrayed shareholders' interest and could therefore not be trusted with any other boards.
Others are James Kiereini, Peter Muthoka, Martin Foster, Richard Kemoli, Andrew Hamilton and Sobakchand Shah- formerly the finance director at the motor dealer.
The ban has far-reaching implications for directors who are still directors at other firms like Mr Hamilton and Mr Kemoli, whom CMA has requested for dismissal from their respective boards.
Mr Gatabaki said that the company’s shares will remain suspended till investigations into the saga are complete. He added that the CMA board feels that it is a right time- in a bid to protect the share price and essentially, investor interests.