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Ex-Chase Bank directors face Sh3.5m fine after appeal fails
The Capital Markets Authority launched an investigation into the affairs of Chase Bank after the lender was declared insolvent and placed under receivership.
The Capital Markets Authority (CMA) has been given the green light to impose a Sh3.5 million fine on former Chase Bank directors for their role in the collapse of the mid-tier lender in 2016.
This comes after the Capital Markets Tribunal dismissed a bid by Muthoni Kuria and Richard Carter to block the penalties through an appeal, which was drafted on the basis that the directors were not given a fair hearing and determination before the regulator's ad hoc committee.
