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Capital Markets Debunking CMA with Edwin Government

Part Two: CMA, A Lawless Organization

Part 1 demonstrated that CMA under Shamiah is a lawless organization.


Part 2 is to demonstrate that this lawlessness is dispensed DISCRIMINATELY. For example, in an interview with East African, Mr. Shamiah is quoted as follows: ““We have scheduled a meeting with Britam next week to understand if there are regulatory matters. What we know is that the government in Mauritius feels its officers were comprised when clearing the transaction but our investor [Peter Munga] indicates that it was based on negotiations… The problem usually is unless the issuer was directly involved in the transactions, shareholders are distinct parties. The listed Company may not have control on the shareholders,” added Mr Shamiah

The quote clearly betrays the mind of this regulator… he is running two books of market players, those presumed innocent and liked, such as his beloved “our investor”, and those presumed guilty and disliked.

Two issues here, (and I am just focused on Shamiah, not Munga or any of his shenanigans). First, some market players are “scheduled… next week”, yet others are summoned with less than 24 hours… why the different standards? Secondly, for those that are scheduled for next week, he has already started exonerating and defending them even in advance of the meeting next week by saying “shareholders are distinct parties”, yet on the other hand, he is punishing some shareholders who have not even been heard.

CMA is too important an organization to be left to a discriminative lot. Success or failure in capital markets should not depend on your proximity to and liking by the CEO, that is cronyism. It should be based on the law, regulatory framework and business acumen. The man needs to leave office because he is using his office to discriminate players




Edwin H. Dande



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