Uchumi insider trading case put off again

Ruling on a case in which a businessman is charged with insider trading in Uchumi Supermarket shares was postponed for the fourth time on Wednesday.

Nairobi Chief Magistrate Gilbert Mutembei deferred the judgement without giving a specific date for the verdict. 

He asked the parties involved to return to court on October 15 for mention of the case.

Unlike in previous proceedings when the matter was handled in the open court, the magistrate invited the parties to his chambers and informed them of the new development.

The on-and-off judgement was earlier scheduled for August 19, but was put off to September 20 only to be deferred to Wednesday.

Bernard Mwangi Kibaru is facing two counts of irregular trading in Uchumi shares where he served as a general manager.

He is liable to a Sh2.5 million fine, five years imprisonment, or both if found guilty.

He allegedly instructed stockbroker Drummond Investment Bank to sell 111,400 shares on April 26, 2006 contrary to the law.

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