CMA not investigating SBM Bank Kenya or SBM Holdings
Nairobi, 17 February 2022…The Capital Markets Authority (CMA) has stated that it is not investigating neither SBM Holdings Limited, nor its subsidiary SBM Bank Kenya Limited over alleged fraudulent trades related to the sale of a government bond worth Kshs300 million in August 2021.
The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah noted, ‘the Authority has a robust surveillance system that is able to analyze trading patterns to identify and detect market manipulation including front-running, insider trading, wash trades and synchronized trades. The system did not flag any alerts related to the transaction.’
Mr. Shamiah further observed that the Authority’s investor protection initiatives, robust surveillance system coupled with bond market reforms, have restored confidence in the debt capital markets.
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY