×
× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

We will sue CMA, Fined ex-NBK bosses say

By Patrick Alushula | April 6th 2018 at 08:14:31 GMT +0300

Ex-National Bank of Kenya Chief Executive Officer Munir Ahmed (PHOTO: FILE)

NAIROBI, KENYA: A former National Bank of Kenya boss has promised to go to court to block the Capital Markets Authority (CMA) effort to enforce a fine he was slapped with.

Munir Ahmed, who was fined Sh5 million, said the decision was malicious and arrived at without any regard for due process, facts or culpability.

"I strongly object and will challenge this through legal channels where the truth will come out. I have no doubt (CMA's) administrative over-reach will be overturned," he said.

Mr Munir said the timing and fact that some of the board members were not punished was an attempt to shift blame.

Solomon Alubala, former head of treasury at NBK, who was fined Sh104.8 million, said he was waiting to receive the full ruling before seeking legal counsel.

"I have not been served with the full decision. When they do that my legal team will interpret. I have already been subjected to the court of public opinion so let me leave it at that," he said.

The former player and now board member of Wazito FC and the CEO of Ancien Capital since he left NBK has been disqualified from holding office in a publicly listed company or working for a licensed person for 10 years.

The CMA has also sought restriction on two properties associated with him.


Capital Markets Authority National Bank of Kenya Munir Ahmed
Share this story

Read More

Feedback