BY SAM ALFAN.
Former Uchumi Chief Finance Officer Chadwick Omondi Okumu has challenged the decision by Capital Markets Authority that banished him from the boardrooms of public listed firms.
Mr Okumu in his court documents argues the decision by CMA id in breach his constitutional rights adding that the sanctions imposed by CMA have a serious effect and will affect his livelihood.
Okumu says that he did perform his duties as a Finance Manager accordingly till 15 of June this year when he received an SMS that he relieved of his duties from Uchumi.
“I was thereafter served by CMA with a notice to Show Cause dated 31st August 2016 with regards to various allegations made against me,” reads the petition.
He further says that he responded to the various allegations in the Notice to show cause on the 13th of September this year.
In his affidavit, the former Uchumi finance boss says that during the hearing before the CMA board he was denied vital information.
Uchumi Supermarkets board sent Okumu packing in June last year alongside Chief Executive Officer Jonathan Ciano for “gross misconduct and gross negligence.
CMA said former Finance Manager Chadwick Okumu will be out for two years.
During this period, Okumu will not hold any position in a public listed company or any firm that has been approved by CMA.
Former directors James Murigu, Joyce Ogundo and Bartholomew Ragalo have also filed a similar application against Capital Market Authority.
The applicants herein are not directors of Uchumi Supermarkets Limited and accordingly do not fall within the regulatory ambit of CMA, argues Murigu and Ragalo
The regulator ordered Ragalo to pay the 855,000 shillings he earned as a board member.
James Murigu, will be out of the boardroom for one year and was directed to refund 660,000 Shillings allowances he earned while on the board of Uchumi.
