This archive report was first published on 24 September 2019.
On September 24, 2019, a significant development unfolded in the corporate world of Kenya as former KenolKobil managing director David Ohana filed a lawsuit against the company.
According to court papers, Ohana is seeking compensation for a six-month salary, amounting to USD 28,000 6, and other benefits. He claims that KenolKobil violated his rights, leading to this demand.
Ohana's tenure at KenolKobil spanned over 17 years, from 2002 to 2019, during which he rose through the ranks to become the Managing Director. However, his tenure was cut short due to an insider trading probe by the Capital Markets Authority (CMA) ahead of a takeover by French firm Rubis Energie.
Although Ohana was initially investigated for his role in the suspected insider trade dealings, the CMA dropped the charges, stating that findings failed to establish evidence of potential misconduct on his part.
Ohana's successor was introduced to KenolKobil staff in a formal handover, marking the end of his tenure as Managing Director.
It is worth noting that the insider trading probe also implicated stockbroking agent Aly-Khan Satchu and a former chief executive of stock brokerage firm Kestrel Capital East Africa, Andre DeSimone, who resigned in April 2019 amidst ongoing investigations.
The CMA had flagged suspicious dealings in KenolKobil shares through 14 accounts in October 2018.
Mahakamani News is Kenya's top court reporting and crime coverage website. If you have a case that needs coverage, or if you are facing injustice from powerful forces, fired unfairly or reporting any corruption or relevant news pertaining judiciary etc please contact us via [email protected].
