High court confirms Shah Munge suspension

Stockbroker, Shah Munge and Partners, received a severe blow when the High Court confirmed its suspension from trading at the Nairobi Stock Exchange (NSE) over a Sh251 million scandal involving National Social Security Fund and the collapsed Euro Bank in 2002.

A three-judge bench ruled that the Capital Markets Authority (CMA) was legally justified to carry out investigations against the company’s involvement in the transfer and subsequent loss of Sh251 million from NSSF to Euro Bank.