Capital Markets Authority
Chadwick Okumu
High Court
John Mativo
Updated May

Ex-Uchumi man let off the hook

Published Thu, May 3rd 2018 at 00:00, Updated May 2nd 2018 at 23:58 GMT +3

Former Uchumi supermarket Chief Finance Officer Chadwick Okumu is free to apply for a management position in any public listed company.

This is after the High Court quashed a decision by the Capital Markets Authority (CMA) to blacklist him for two years for losses incurred by the retail chain on his watch.

High Court Judge John Mativo, in his 28 paged-verdict delivered yesterday, ruled that the regulator acted as the investigator, prosecutor, judge and the executioner in meting out the ban on Mr Okumu and other former Uchumi top officials implicated in the scandal.

“The conclusion becomes irresistible that the impugned decision was tainted by bias,” the judge ruled.

Share this Post