This archive report was first published on 2 September 2019.
On September 2, 2019, the Capital Markets Authority (CMA) issued a warning to the public regarding a public offer of shares by WIE Limited, also operating under the name Women Investing in Entrepreneurship (WIIE).
According to CMA, preliminary investigations revealed that WIE Limited has been raising money from the public through a public offer of shares targeting women as their customers and branding itself as 'A women's income and wealth incubator.'
The Authority noted discrepancies in the information provided in the firm's websites and the information given to the Authority by WIE Limited in relation to its operations.
CMA Chief Executive Mr. Paul Muthaura stated that WIE Limited's business model had been endorsed by various women celebrities in the country in an attempt to lure more women investors.
As a result, CMA in collaboration with other law enforcement agencies has frozen the company's bank account pending further inquiries, noting that the nature and features of the capital raising by WIE Limited are taking the form of a regulated activity that has not been approved by the Authority.
The Authority has cautioned members of the public to exercise caution before participating in any public offer lacking regulatory sanction.
