The Capital Markets Authority (CMA) wishes to inform our stakeholders that the first and second phase of the investigations with respect to suspected Insider Trading in the Kenol Kobil counter in the leadup to the announcement of the takeover offer from Rubis Energie in October 2018 have been completed and Ksh487 million of what would have been unfair profits disgorged through No Contest Settlement Agreements.

After consideration of the investigation findings, the CMA Board resolved to initiate enforcement proceedings against the Kestrel Capital Chairman & Founder, Mr. Charles Field-Marsham, Kestrel Capital Executive Director Mr. Andre DeSimone, and their stockbroking agents Mr. Aly Khan Satchu and Mr. Kunal Bid through issuance of Notices to Show Cause (Administrative Charges).

Upon review of the formal response to the Notice to Show Cause, the CMA Board cleared Mr. Charles Field-Marsham of potential liability for insider dealing; and further resolved to form an Adhoc Board Committee that incorporated independent members alongside board members for the specific purposes of conducting enforcement hearings and to determine the allegations of Insider Trading in respect of Mr. Andre DeSimone, Mr. Aly Khan Satchu and Mr. Kunal Bid. 

Once the hearings are completed and a decision made by the Ad hoc Committee, the Authority will make an appropriate announcement in line with the Capital Markets Act. Should sufficient grounds be established for criminal charges, the Authority will engage the relevant arm of the State.

The Authority notes with concern the media coverage on this ongoing administrative action and the speculation as to the determination of the same which is based on unverified reports, and trusts that the formal process for administrative justice will be allowed to proceed unhindered.

07 June 2019

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