The Capital Markets Authority (CMA) has been ordered to refund Sh11.7 million to Kunal Bid who made a substantial profit from buying KenolKobil shares in 2018 ahead of its buyout by French multinational Rubis at a price of Sh23 per share.
The regulator in July 2019 took an enforcement action against Mr Bid, ordering him to pay Sh23.7 million that represented the profit he booked from the trades using material and non-public information.
