Kestrel Capital has promoted Mr Francis Maina Mwangi to CEO position after Andre DeSimone quit the job last month following the Capital Markets Authority (CMA) inquiry into insider trading allegations.
Mr Mwangi joined Kestrel last year and has previously worked in the research departments of Standard Investment Bank and African Alliance.
His immediate task would be to rebuild the image of Kestrel Capital, which has been blighted in recent months following the insider trading probe.
Investment bank Kestrel Capital has appointed a new chief executive following the exit of its former chief who was under investigation over insider trading in KenolKobil #ticker:KENO share ahead of the oil marketer’s Sh35 billion takeover deal.
The firm has promoted Mr Francis Maina Mwangi to CEO position after Andre DeSimone quit the job last month following the Capital Markets Authority (CMA) inquiry into insider trading allegations.
The regulator believed that Rich Management CEO Aly-Khan Satchu recommended to Kestrel unsolicited clients who later purchased huge quantities of KenolKobil shares based on the takeover information that was not in the public domain.
“It speaks of the talent we have in Kestrel that we are able to recruit a strong CEO from within the business, who has a successful track record in the areas that are of highest importance for our clients and to the firm,” Kestrel chair Field-Marsham said in a statement.
Rebuild image
Mr Mwangi joined Kestrel last year and has previously worked in the research departments of Standard Investment Bank and African Alliance.
His immediate task would be to rebuild the image of Kestrel Capital, which has been blighted in recent months following the insider trading probe.
Investigations by computer forensic firm, East African Data Handlers, revealed communication between Mr Satchu and Mr DeSimone ahead of the deal on October 22. Traders introduced to the market by Mr Satchu bought millions of shares before the announcement.
East African Data Handlers captured the information after the court allowed CMA to seize Mr Satchu’s and Mr Desimone’s phones laptops.
The firm has the ability to recover altered or deleted electronic data that is now helping the CMA build an insider trading case against three CEOs.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
