This archive report was first published on 8 July 2019.
On July 8, 2019, the Capital Markets Authority (CMA) imposed a three-year ban on celebrated stockbroker Aly-Khan Satchu from trading and holding any key office in a listed firm.
The ban was a result of an investigation into possible insider trading in the KenolKobil takeover by French firm Rubis Energie.
Aly-Khan Satchu, along with Andre DeSimone, the former CEO and Executive Director of Kestrel Capital, and Kunal Kamlesh Somchand Bid, were under investigation by the CMA.
According to the CMA, Andre DeSimone disclosed price-sensitive non-public information on the Kenol Kobil transaction to two identified stock broking agents.
DeSimone was penalized Ksh.2.5 million and disqualified from holding office as a key officer of a listed company or issuer for a period of one year.
Earlier in February, the CMA revealed a WhatsApp message from Mr. Satchu linking him to insider trading of KenolKobil shares ahead of the takeover announcement.
The CMA confiscated his phone on January 16, 2019, when investigations started.
