Jacob Segman, the former CEO of KenolKobil (now trading as Rubis), has been ordered to pay a fine of Sh5 million to the Capital Markets Authority (CMA) for failing to disclose his ownership stake in the then listed oil marketer over a decade ago.
The Capital Markets Tribunal upheld the fine imposed by the CMA in 2018, ruling that Mr Segman had breached the law by failing to reveal his 5.99 percent stake in KenolKobil. This was contrary to CMA regulations that compel directors to publicly disclose beneficial ownership of more than three percent in a listed firm.
