Former Uchumi Supermarkets chief executive officer Jonathan Ciano has been given 14 days to deposit Sh. 9.5 million as he fights the hefty Sh.18.5 million fine slapped on him by the Capital Markets Authority.
In the event he fails to deposit the amount, the capital markets regulator has been directed to go ahead and recover the full fine of Sh.18.5 million from him.
“We have agreed that there be a stay of enforcement of the penalties levied against the ex parte applicant (Ciano) by respondent in the sum of Sh. 18.5 million pending hearing and determination of the case. The ex parte applicant deposits with respondent a bank guarantee of Sh. 9.5 million from a reputable bank in 14 days in default enforcement measures be taken,” judge Roselyne Aburili ruled.
The disgraced ex-disgraced moved to court in December last year to challenge the CMA order. Earlier in November, the CMA had accused Ciano along with five other directors of mismanaging Uchumi leading to its near-collapse.
It imposed a Sh5 million fine with an additional Sh13.5 million it seeks to recover from Ciano as profit he got from illegally supplying Uchumi with goods through his wife.
The case will be mentioned on January 26 before the newly created anti corruption court.
