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Originally published by The Kenyan Wall Streetbusiness
September 17, 2025
4h ago
Tribunal Bars CMA From Using Media Reports in Corporate Governance Assessments
Tribunal has ruled that the CMA acted improperly by relying on press coverage in its evaluation of Limuru Tea PLC’s corporate governance..
✨ Key Highlights
A Tribunal has ruled that the Capital Markets Authority (CMA) improperly used media reports in its corporate governance assessment of Limuru Tea PLC, emphasizing that regulators must rely on verifiable evidence. While upholding some of CMA’s findings on board non-compliance, the Tribunal clarified the appealability of such assessments.
- The Tribunal found that CMA “strayed from its statutory mandate” by using “speculative pen of journalists.”
- The case involved Limuru Tea PLC appealing CMA’s 2021 Corporate Governance Assessment Report.
- The ruling creates a precedent that corporate governance assessments are appealable and must be based on evidence, not media reports.
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