The Capital Markets Authority yesterday announced that disgraced former Uchumi CEO Jonathan Ciano and sacked top managers might be facing criminal charges soon.
CMA Chief Executive Officer Paul Muthaura said they were working with the Directorate of Public Prosecutions (DPP) to bring criminal charges against former CEO Jonathan Ciano and finance manager Chadwick Okumu.
“We are working with the DPP on certain aspects of those investigations. Once they are completed, and there is sufficient grounds for criminal prosecutions, the DPP is the one empowered to take those actions,” said Mr Muthaura.
Last week, CMA banned the former Uchumi directors from holding positions in any listed public firms. The CMA ruled that Ciano will be out for five years and Okumu two years. In addition, Ciano will be required to refund the cash-strapped retail store Sh.13 million he fraudulently obtained from Uchumi.
Former Uchumi chairperson Khadija Mire was also disqualified from holding office as a director or any key position in a listed public company for a period of two years.
James Murigu, a former director, will be out of the boardroom for one year and will also return Sh.660, 000 allowances he earned while serving on the retailer’s board. CMA also disgorged board allowances of Sh. 855, 000 that Bartholomew Ragalo, another former director, earned in two years up to 2015.
