CMA gets nod to punish former Imperial directors

Former Imperial Bank non-executive director Anwar Hajee (left) with former chairman Alnashir Popat at a past event. They are among former officials of the bank facing financial penalties as well as backlisting if they are found guilty by the regulator. [File, Standard]

The Court of Appeal has upheld the Capital Markets Authority’s (CMA) power to go after rogue market players.

The court in response to a suit filed by the former directors of the collapsed Imperial Bank ruled that the regulator’s twin role as licensing and enforcement agency cannot be used to claim bias.