The Capital Markets Tribunal will start hearing scores of cases from Wednesday, which have been pending for years over lack of quorum, among them the stalled acquisition of BOC Kenya by Carbacid Investments.
The tribunal chaired by Mr Paul Lilan was named by Treasury Cabinet Secretary Njuguna Ndung’u in May.
Members include Constance Gikonyo, Godwin Wangong’u and Paul Wanga and will serve for three years.
Other than the Carbacid matter filed by tycoon Ngugi Kiuna, the tribunal has lined up 12 other cases for mention before the five-member team including a matter involving former Kenol/Kobil boss Jacob Israel Segman.
On Thursday, the Tribunal will mention 11 cases including the matter of Zafrullah Khan and two others in a case involving Chase Bank Ltd, and a dispute involving Cytonn Asset Managers as well as that involving Limuru Tea PLC against the regulator.
Mr Kiuna sought termination of the Carbacid Investments’ buyout of BOC Kenya after filing an objection to the deal at the tribunal citing undervaluation of the target firm.
The businessman, who is a former BOC Kenya chairman, said the Capital Markets Authority (CMA) erred in approving the takeover by ignoring the undervaluation of BOC besides disregarding the protection of interests of minority shareholders.
He filed the case on March 1, 2021, but it has never been heard. The tycoon is also a minority shareholder in BOC Kenya.
“That the approval granted by the first respondent in respect of the proposed takeover offer by Carbacid Investments Plc and Aksaya Investments LLP to acquire up to 100 percent of the issued ordinary shares of BOC Kenya Plc be set aside in its totality for being invalid, null and void ab initio,” Mr Kiuna said in the application.
