CMA withholds Sh458m insider trading cash in Sh26bn Kenol sale

What you need to know:

  • The KenolKobil chief executive, David Ohana, who was part of the initial CMA investigations, was found to have had no case to answer.
  • The CMA announcement came as French energy firm Rubis Energie started making payments to KenolKobil shareholders who have accepted its buyout offer.
  • The French company will pay shareholders who have taken up the offer a total of Sh26.35 billion, while the balance of 37.2 million shares that will be acquired compulsorily will earn the holders Sh855.8 million.

The capital markets regulator has seized Sh458 million gains that insider trading suspects stood to earn from the ongoing KenolKobil takeover, as shareholders of the oil marketing firm started receiving Sh26.35 billion buyout cash.

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