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Suspended bond trader claims innocence

By - | December 29th 2012

By Macharia Kamau

NAIROBI; KENYA:  Embattled bonds trader, Fred Mweni, said he would present himself to the Capital Markets Authority and comply with the authority’s request to furnish it with information on trading in bonds.

In a public notice on Thursday, CMA blacklisted Mweni from holding office in a listed company or any firm that is licensed by CMA effective December 21, for being a hindrance in an on-going investigation.

The notice also said he ceased being the chief executive of investment advisory services firm Tsavo Securities, in which he has a 15 per cent stake.

Mweni said he would comply with the CMA demands to avail whatever information is required, but noted that the move to blacklist him was a personal attack rather than a market issue.

“I have intentions to be compliant with the CMA requests. I will work with them and give them what they want,” he said at a press briefing, yesterday.

“I do not think that this is a permanent or a life ban... I have never had an issue with the regulators either personally or as the chief executive Tsavo Securities.” “I have no intention to fight.  I would have sued them because the licence holder is Tsavo, since CMA does not license individuals... it is clear this has ceased from being a market issue and is now a personal issue.” Mweni further announced that he would relinquish his chief executive position at Tsavo so as to comply with the CMA demands.

CMA accused Mweni of impeding on an investigation it is undertaking on illicit trading in the bond market by failure to give officials from authority information pertaining to bonds transactions in his capacity, as the chairman of the Bonds Traders Association.

While saying he would comply with requests from CMA, Mweni insisted that any information that the authority is seeking is available at the Nairobi Securities Exchange, given that all transactions are recorded and available to both investors and regulators.

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