CMA Tribunal attains quorum


Treasury secretary Henry Rotich (pictured) has named Laila Macharia and Karen Kandie to the Capital Markets Tribunal. Photo/FILE

Treasury secretary Henry Rotich has named two members to the Capital Markets Tribunal, paving the way for hearing of a case pitting Centum against two British brothers involved in the battle for takeover of Rea Vipingo.

The tribunal lacked a quorum with only two officials — chairman Jinaro Kipkemoi Kibet and George Karwenji Kibira, a member.

But last week Mr Rotich tapped Laila Macharia, the CEO of property fund Africa Metro Properties and Karen Kandie, a former finance director at Shelter Afrique.

Centum’s suit opposing the bid by Richard and Jeremy Robinow, who already control 57.04 per cent of the listed sisal firm, has been pending before the tribunal for more than two months.

READ: Centum wins bid to block Rea Vipingo sale

Their three-year term at the tribunal takes effect from July 3, a gazette notice says.

Dr Macharia, who holds a doctorate in law from Stanford Law School, is the wife of former head of Vision 2030 Mugo Kibati.

Ms Kandie, a financial consultant, kicked up a storm at Shelter Afrique when she alleged that the then CEO Alassane Ba had assaulted her.

Centum sought a declaration that the offer by the Robinow brothers of Sh70 a share and a conditional bonus of up to Sh15 per share from future disposal of the firm’s land violates takeover rules.

The investment firm moved to court last month to compel Mr Rotich to nominate officials to the tribunal for it to hear the case.