CMA sanctions ex–Chase Bank executives for breaches in Sh10bn bond issue
NAIROBI, Kenya, Nov 19 – The Capital Markets Authority (CMA) has imposed fines and multi-year market bans on former senior officials of Chase Bank Kenya Kenya breaking news | Kenya news today |..
✨ Key Highlights
The Capital Markets Authority (CMA) has sanctioned former executives of Chase Bank Kenya Limited (in liquidation) with heavy fines and market bans for breaches related to the bank’s 2015 Sh10 billion medium-term note program. This enforcement follows an extensive inquiry into regulatory violations contributing to the bank's collapse in 2016.
- Former Chairperson Zafrullah Khan was fined Sh5 million and banned for 10 years for failing to oversee accurate financial statements and not disclosing a conflict of interest regarding his bonus.
- Former General Manager Finance Makarios Agumbi received a Sh3.5 million fine and a five-year disqualification for facilitating misleading financial statements and unprocedural bonus payments.
- Former General Manager Corporate Assets James Mwaura was fined Sh2.5 million and banned for two years for enabling misstated financial information and participating in irregular bonus payment processes.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Regulators Sanction Ex-Bank Execs, Approve Takeover, and Enforce New SIM Rules - November 2025
The Capital Markets Authority (CMA) has sanctioned former executives of Chase Bank Kenya Limited with heavy fines and market bans for breaches related to the bank’s 2015 Sh10 billion medium-term note program. This action follows an inquiry into violations contributing to the bank's collapse. Separately, the Competition Authority of Kenya (CAK) approved the acquisition of Mace Consult Holdings Limited by Consult Bidco Limited, stating the deal complies with merger regulations. Concurrently, new Kenyan SIM-card registration regulations have been introduced to curb identity theft and fraud. These rules replace the previous framework with stricter verification and have caused public concern due to an expanded legal definition including sensitive biometric data.
