This archive report was first published on 9 July 2021.
Published on July 9, 2021, the National Assembly is set to form an inquiry into Cytonn and other entities where investors have lost billions of shillings.
MPs yesterday turned the heat on the Capital Markets Authority (CMA) accusing it of failing to protect investors in Cytonn, Imperial, and Chase bank bonds among others.
National Assembly Finance and National Planning Committee Chairperson Gladys Wanga lamented that Kenyans had been left on their own with the regulator appearing helpless and shifting blame.
"You just came to tell us it has nothing to do with you," said Wanga.
Wyckliffe Shamiah, the CEO of CMA, defended the institution, shifting blame to the judicial process, which was frustrating their mandate.
"Investigations have been done by us and even DCI. However, I have an order, which says you can’t take any action on Cytonn," he said.
Shamiah said "enforcement is expensive" with cases they had taken action on reversed by the courts, and they had to pay up.
MPs put CMA on the spot on approving the Imperial and Chase Bank bonds only for the two institutions to go under after a short time.
