This archive report was first published on 8 July 2019.
On July 8, 2019, the Capital Markets Authority (CMA) in Kenya took decisive action against insider trading, penalizing former Kestrel Capital East Africa CEO Andre Desimone and Aly Khan Satchu.
Andre Desimone will pay a penalty of Sh2,500,000 for his involvement in insider trading on KenolKobil shares in the period before the takeover announcement was made public in October 2018.
Desimone has also been disqualified from holding office as a key officer of a public listed company and a licensee or in any other capacity in an approved institution of CMA.
He was found guilty of disclosing price-sensitive material non-public information on the KenolKobil transaction on the sale of 24.99% Wells Petroleum shareholding to Rubis Energie and the impending takeover of KenolKobil Plc by Rubis to two identified stockbroking agents.
The CMA also disgorged Sh4,692,497.50 from Aly Khan Satchu and Sh23,413,700.00 from Kunal Bid, who were found guilty of receiving commissions from the trades.
Both Satchu and Bid have been disqualified from holding office as a key officer of a public listed company or in any other capacity in an approved institution of CMA for a period of three years.
