UCHUMI FORMER BOSS TO PAY SH9M IN CMA DISPUTE.

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Former Uchumi Chief Executive Officer Jonathan Ciano.

BY NT CORRESPONDENT.

Former Uchumi Chief Executive Officer Jonathan Ciano has entered a consent to deposit 9.5 million shillings bank guarantee in favor of CMA pending the hearing and determination of the case.

Mr Ciano is challenging the 18.5 million shillings slapped by Capital Market Authority over the mismanagement of the retailer chain.
In the consent that was entered by the parties before Justice Roselyn Aburili, was further offered to deposit the same within 14 days failure to which CMA will be at liberty to take actions. Ciano was slapped with a 5 million Shillings fine and further directed to refund 13.5 million shillings earnings he made from Uchumi.
“We’ve agreed that there be a stay of enforcement of the penalties levied against the applicant by the respondent on the sum of 18.5 million shillings pending the hearing and determination of the case”Court heard
This is after CMA proved that he failed to disclose to the board that he had conflict of interest during his tenure on the board.
The matter will be mentioned on the 26th January for further directions.

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