This archive report was first published on 2 September 2019.
Published on September 2, 2019, the Capital Markets Authority (CMA) has taken action against Women Investing in Entrepreneurship (WIIE) incubator, freezing its bank accounts in an ongoing inquiry.
The CMA's move is part of an investigation into WIIE's capital raising activities, which the regulator believes may be mimicking those of a regulated activity without approval.
According to the CMA, discrepancies were found in the information provided by WIIE on its website and the information given to the Authority by WIE Limited.
WIIE, which claims to be the future of wealth creation for women, has been raising money from the public through a public offer of shares to women, with the support of various women celebrities in the country.
The CMA has cautioned the public against participating in any capital raising or public offer of shares by WIIE, citing concerns over the company's business model and unrealistic return on equity.
WIIE is linked to Tess Kariuki and Wanjiru Macharia, who have been running a large-scale social media campaign to raise share capital ahead of the company's launch this month.
