Ambunya & 4 others v Capital Markets Authority (Appeal 3 of 2021) [2024] KECMT 779 (KLR) (5 June 2024) (Judgment)
- Court
- KECMT
- Case number
- 779
- Citation
- [2024] KECMT 779 (KLR)
- Decided
- 5 June 2024
AI Summary
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Machine-generated — may contain errors. Not legal advice.
TypeAppealPostureAppeal from a preliminary objection decisionCoramPAUL LILAN, DR. CONSTANCE GIKONYO, PAUL WANGA, JOSEPHINE EBOKO
Holding
The appeal is without merit and the appeal is hereby dismissed in its entirety.
Facts
The Appellants are directors of Real People Kenya Limited (RPKL). RPKL applied for and obtained approval from the Capital Markets Authority (the Respondent) to issue a Medium-Term Notes (MTN) in 2015. The Respondent issued a Notice to Show Cause (NTSC) to the Appellants alleging violations of the Code of Corporate Governance Practices for Issuers of Securities to the Public, 2015 and the Capital Markets Act.
Issues
- What is the jurisdiction of the Ad Hoc Committee
- Whether the alleged violations constitute criminal offenses
Reasoning
The tribunal found that the Ad Hoc Committee has the jurisdiction to handle the NTSC and the alleged violations do not constitute criminal offenses.
Outcome
Appeal dismissed
Orders
- Proceedings by the Ad Hoc Committee shall proceed from where they had reached
- Costs of the Appeal be borne by the Appellants
Authorities cited
Legislation (2)
- Capital Markets Act
- Code of Corporate Governance Practices for Issuers of Securities to the Public, 2015
Experimental AI summary generated by a language model, not a lawyer. It may contain errors or omissions and must not be relied on for legal decisions — the full judgment below is the authoritative source.
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