Nairobi July 26, 2016…The Board of the Capital Markets Authority (CMA), having received petitions for the review of the enforcement action taken against Peter Muthoka and Joseph Kivai, former directors of CMC Holdings Limited, in November 2015, and following due process hearings, has resolved to review aspects of the sanctions imposed.

The enforcement action taken in August 2012 imposed lifetime disqualification of the two individuals from holding directorships in CMC Holdings and imposed a lifetime ban disqualifying Mr. Muthoka from holding directorship position in any public listed company, or licensed or approved persons including securities exchange in the capital markets in Kenya.

Following the review of the petition filed by Mr Muthoka and Mr Kivai, the CMA Board determined that the disqualifications relating to CMC Holdings had lapsed following the de-listing of the company, and resolved to review the lifetime disqualification for Mr Muthoka to five years, effective August 3 2012 to August 3 2017.

In arriving at its decision, the CMA Board considered the grounds of the petition and submissions made, including the fact that neither petitioner had been involved in the maintenance of fraudulent offshore accounts drawn from shareholder funds. The petitions had requested for the setting aside, lifting and/or substitution of the Authority’s disqualification orders.



The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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