@BdAfrica

Bond dealers in Sh260m fraud - 10 months ago, 12 June 22:45

Charles Mwaniki

The Capital Markets Authority (CMA) is investigating two bond dealers and a businessman for illegal dealing in Treasury bonds that has earned them a Sh260 million profit.

CMA says in court documents that the dealers, David Maena of CBA Capital and Stephen Ngunje of African Investment Bank (AIB Capital), supplied businessman Rodrick Muhoro Ngugi with privileged (non-public) information on bond trades, which he used to front run the market and make dual trades in order to profit at the expense of other investors.

The markets regulator further says 80 per cent of the gains made from the 2016 and 2017 trades would then be remitted to the dealers.

The deals were financed through a bond trading credit facility Mr Ngugi had with the Bank of Africa, which the bank later suspended.

CMA says in an affidavit filed in response to a suit Mr Ngugi has file against the regulator and Bank of Africa seeking ...
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