Limuru Tea PLC v Capital Markets Authority (Appeal 11 of 2022) [2025] KECMT 3 (KLR) (4 September 2025) (Judgment)
- Court
- KECMT
- Case number
- 3
- Citation
- [2025] KECMT 3 (KLR)
- Decided
- 4 September 2025
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TypeAppealPostureAppeal from a decision of the Capital Markets AuthorityCoramHON. PAUL LILAN, HON. GODWIN WANG’ONG’U, HON. PAUL WANGA, HON. CONSTANCE GIKONYO, HON. JOSEPHINE EBOKO
Holding
The Tribunal allows the appeal in part, upholding some recommendations and setting aside others.
Facts
The Appellant, Limuru Tea PLC, submitted a Corporate Governance Self-Assessment Report to the Respondent, Capital Markets Authority, for review. The Respondent issued a Draft Assessment Report and a Final Assessment Report, but the Appellant disagreed with some of the recommendations.
Issues
- Whether the Tribunal has jurisdiction to entertain the appeal
- Whether the Respondent fairly and accurately reflected the Appellant's submissions in the Final Assessment Report
- Whether the Respondent properly relied on media reports in the Assessment Report
- Whether the Appellant's relief requests are merited
Reasoning
The Tribunal determined that the Assessment Report is a determination under the Capital Markets Act and thus within the Tribunal's jurisdiction. The Tribunal also found that the Respondent did not fairly reflect the Appellant's submissions and improperly relied on media reports.
Outcome
The appeal is allowed in part.
Orders
- The Respondent's recommendations on Board balance and Nomination Committee composition are upheld.
- The Respondent's recommendations on minority shareholder representation, board skills mix, conflict of interest, and related-party transactions are set aside.
- Each party shall bear its own costs.
Authorities cited
Legislation (2)
- Capital Markets Act
- Code of Corporate Governance Practices for Issuers of Securities to the Public, 2015
Cases cited (2)
- Popat & 7 others v Capital Markets Authority (Appeal 1 of 2021) [2025] KECMT 2 (KLR)
- Arnold v Capital Markets Authority (Appeal 4 of 2021) [2024] KECMT 778 (KLR)
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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