CMA wants Deloitte penalised for ‘abetting’ fraud at CMC Holdings

The Capital Markets Authority (CMA) has gone to court in a bid to secure stiffer penalties on audit firm Deloitte & Touche and former finance director of CMC Holdings Sobakchand Shah for abetting alleged fraud and mismanagement at the motor vehicle dealer.

In an appeal filed at the High Court on Friday, CMA is seeking orders to set aside a recent ruling by the Institute of Certified Public Accountants of Kenya (ICPAK) that virtually let Deloitte off the hook and laid out punitive measures against Mr Shah that the regulator has termed as lenient given the scale of the alleged misconduct.