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MPs want CMC investors protected

By | November 4th 2011 at 00:00:00 GMT +0300

Boardroom wrangles at CMC motors, which has been suspended from trading at the Nairobi Stock Exchange, have spilled over to Parliament.

MPs demanded to know what action the Capital Market Authority (CMA) had taken to protect the interests of the shareholders following the row.

Members feared that the suspension of CMC from trading at the bourse would hurt shareholders especially minority ones.

But Deputy Prime Minister and Minister for Finance Uhuru Kenyatta defended the move. "Initial investigations have revealed serious issues that require forensic investigations," said Uhuru.

He was responding to a question by Ikolomani MP Bonny Khalwale, who wanted the minister to state whether the wrangles might lead to the collapse of the company.

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There was an anxious moment in the House when Uhuru tabled a document from the Ministry of Immigration to refute claims by Khalwale that Bill (William) Lay, the CEO of the company, was an illegal immigrant.

Khalwale, however, tabled another letter from the same ministry, which stated that Lay had no valid work permit. Members demanded that Finance, Trade and Planning Committee of Parliament investigate the matter.

Uhuru, however, pleaded with members to allow CMA investigations to take place, saying there was no need of parallel investigation. Speaker Kenneth Marende said the committee was free to carry out its probe.

CMC motors Nairobi Stock Exchange Parliament Capital Market Authority
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