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Ex-KenolKobil boss in Sh300 million shares row

Mr Jacob Segman, former KenolKobil CEO. FILE PHOTO | NMG
Mr Jacob Segman, former KenolKobil CEO. FILE PHOTO | NMG 

Trustees of oil marketer KenolKobil’s #ticker:KENO employee share ownership scheme have gone to court seeking a determination as to whether the company’s former chief executive, Jacob Israel Segman, is legally allowed to take up a Sh300 million share option he had while he led the firm.

KenolKobil’s employee share ownership plan (ESOP) has published a notice indicating that Mr Segman intends to exercise the share acquisition option, more than three years after leaving the company.

The ESOP’s trustees say that under Mr Segman’s contract, he had up to three years after leaving the company to exercise the share purchase option, but that window had lapsed in July last year.

While the trustees have not contested Mr Segman’s intention to exercise the option, they have asked the court to determine whether the former CEO can be allowed to take up shares under the ESOP scheme beyond the period stated in his contract.

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