Willy Mutunga to hear and determine Kenol Kobil’s insider trading case

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  • Capital Markets Authority of Kenya (CMA Kenya) suspended trading of Kenol Kobil shares on the bourse in March.
  • CMA Kenya says it has completed the outstanding aspects of the insider trading investigations into the KenolKobil counter.
  • CMA says it has constituted an Adhoc Board Committee comprising of 4 CMA board members and 4 independent persons for the sole purpose of hearing and determination of the allegations.

Kenol Kobil has finally been delisted from Nairobi Securities Exchange leaving Total Kenya as the only oil marketer whose shares are trading at the bourse.

Capital Markets Authority of Kenya (CMA Kenya) suspended trading of Kenol Kobil shares on the bourse in March following the conclusion of the Sh36 billion buyout by the French firm, Rubis Energie.

Investors in Kenol Kobil offered 1,145,757,700 shares up for sale; equivalent to 96.85 per cent of shares not already owned by the French company. Only 3.1 per cent of the shareholders declined the deal.


Kenol Kobil has finally been delisted from Nairobi Securities Exchange leaving Total Kenya as the only oil marketer whose shares are trading at the bourse.

Meanwhile, CMA Kenya says it has completed the outstanding aspects of the insider trading investigations into the KenolKobil counter.

In a notice, CMA said it has secured the surrender of an additional Sh19 million of potentially illegal gains through No-Contest Settlement Agreements from an additional 5 traders whose accounts were frozen. This further recovery is in addition to the Sh458 million recovered in March 2019 related to the larger component of the suspicious trades identified through a total of 14 frozen accounts.


CMA CEO Paul Muthaura (Twitter)

All the recovered funds will be paid into the Investor Compensation Fund.

The Authority says it has constituted an Adhoc Board Committee comprising of 4 CMA board members and 4 independent persons for the sole purpose of hearing and determination of the allegations contained in the outstanding Notices to Show Cause on the suspicious trades in KenolKobil shares.

The 4 independent members are Hon. Retired Chief Justice Willy Mutunga; Dr. Jim McFie, a respected academic and business leader; Patricia Kiwanuka, President of the CFA Society of East Africa; and Anne Eriksson, former Country and Senior Regional Partner PWC.

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