UnheardMr Ciano moved to court seeking to quash the notice arguing that the regulator had already condemned him unheard. And based on the said allegations of the malpractices and material non-disclosure of financial matters, Uchumi lodged a complaint with the regulator. On August 13, 2016 CMA gave Mr Ciano a notice to show cause in respect of six contraventions of the Capital Markets Act. The court heard that after the conclusion of the preliminary inquiry, Mr Ciano was then given the notice to show cause letter specifying the allegations against him to which he responded to. CMA maintained that Mr Ciano was supplied with all the relevant information and materials, without any difficulty or impediments and that he confirmed receiving them.

Source: Daily Nation April 22, 2018 03:00 UTC