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Capital Markets Debunking CMA with Edwin Government

Part 1 : Debunking The Capital Markets Authority

 

Part 1

On the Wednesday of August 4th at around 11 am, I was informed by a colleague that shareholders and the board of Cytonn Asset Managers Ltd, CAML had been summoned by the Capital Markets Authority, CMA for a physical meeting to take place the next day at 10 am – as in we needed to appear in person, to discuss a change of name.

 

While I was scheduled to be on leave the next day, I asked the colleague to see if the other shareholders and board members were available at such short notice.

• It happened that Shareholder 1 is a Vice Chancellor of a public university and was out of town attending a conference

• Shareholder 2 was on maternity leave with a newborn and was not available the next day

• Shareholder 3 is a senior government official and said he was scheduled to meet a boss of his line ministry the next day at 10.00 am and was not available

• Board Member 1 is a senior official at Safaricom and was not reachable, obviously he must have been at work

• Board Member 2 was totally unreachable, we later learned she was out of town

• I was scheduled to be on leave the next day.

 

Unable to raise quorum, my colleague then got back to CMA and informed them that the less than 24-hours’ notice was too short hence we asked for another date.

The next thing we saw was a letter on Friday August 6th, 2021 stating that we had missed the meeting and that they had decided we must change our name or stop acquiring any new clients. Boom!, they released the statement to the public.

 

I have stomached a lot of nonsense from CMA, but this is when I decided this is a rogue organization with a rudderless leadership and we just have to push for change. We deal with regulators and agencies all the time – CBK, IRA, RBA, I have never seen such behavior from a government agency or a regulator.

 

I will be putting together a forum to push for change, If I fail I fail, but I will give it my all. CMA is too important an organization to be left in the hands of such a lawless bunch.

 

Edwin H. Dande

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