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CMA moves to cut KenolKobil CEO’s Esop pay - 2 months ago, 9 Nov 06:33

By: Charles Mwaniki

KenolKobil chief executive David Ohana’s payout from the sale of his ESOP shares to French firm Rubis Energie is now at risk of shrinking by a whopping Sh644.5 million.

This follows the regulator’s insistence that the applicable rules do not allow him to take home the amounts indicated earlier.

KenolKobil said in a notice published Thursday that the company’s employee share ownership plan (Esop) trust deed bars a single executive from taking up more than 25 per cent of shares issued under the scheme.

That rule effectively limits Mr Ohana’s exercisable options to 37.25 million shares out of his total allocation of 88 million.

Rubis had in its October 24 announcement of the takeover deal said it had received commitment from Mr Ohana that he would sell them the entire 88 million shares that were included in the 9.69 percent stake the company considered as irrevocably committed for sale.

Share limit

Mr Ohana Thursday ...
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