By GALGALLO FAYOMore by this AuthorThe Capital Markets Authority (CMA) has resurrected the fraud case it filed against former Uchumi Supermarkets directors last year, but which collapsed on account of defective charges. CMA, in the letters dated January 31, seeks to cure the defects that the court identified in the suit when it quashed charges against the former directors. Justice George Odunga in January ruled that the three petitioners were charged with an illegality that did not exist in the Capital Markets Authority (CMA) Act. The former Uchumi Supermarkets directors moved to court after the CMA hit them with penalties for their alleged roles in conning investors through a flawed rights issue in 2014. Justice Odunga, while declining to delve into details of the CMA decision, said charging the directors based on a non-existent offence had negated the entire process.

Source: Daily Nation February 06, 2018 18:33 UTC