Connect with us

Entertainment

Why CMA slapped insider trading suspect with Ksh208 million fine

Published

on

Loading...

The alleged rewards for bond trader Rodrick Muhoro amounted to Ksh104 million. The fine he will receive from the Capital Markets Authority (CMA) is double that.

Capital Markets Authority (CMA) said in a press statement on May 15 that the financial penalty of Ksh208 million is twice the amount that Muhoro is suspected to have benefited from in alleged irregular trading of government securities in 2016 and 2017.

According to investigations by CMA, Muhoro conspired with brokers to defraud investors in bond transactions undertaken between January 2016 and June 2017 through an unethical process called front running.

According to Investopedia, front running is when a broker enters into a trade because they have foreknowledge of a big non-publicized transaction that will influence the price of the asset. The move thus results in a likely financial gain for the broker, albeit at an advantage over the public.

Front running can also occurs when a broker or analyst buys or sells shares for their account ahead of their firm’s buy or sell recommendation to clients (again, due to foreknowledge of privileged information.).

CMA defined it as thus, “Front-running is a market manipulation scheme involving an unethical and illegal trading practice in which a broker with advance knowledge of a specific market orders with price differentials of a financial security for clients earns an arbitrage profit by placing an order for their own account or a person associated with the broker in advance of the client’s orders.”

[Read:Word of the Day: Insider trading]

Loading...

The scheme, as per the regulatory body, happened when Muhoro colluded with fixed income dealers at brokerage firms through creation of artificial arbitrage opportunities, “thereby realising a capital gain of Kshs104 million by taking advantage of the price differential before the client orders were executed.”

In contravention of provisions of the Capital Markets Act, the gains were later shared between Muhoro and fixed income dealers at brokerage firms.

Further action

In addition to the fine, CMA also said that it has placed a 10 year ban on Muhoro that will restrict him from conducting bonds trading.

The regulatory body added that the matter will also be referred to other professional bodies and state authorities for further action.

CMA’s statement dated May 15 said, “The Authority will refer the matter to the Director of Pubic Prosecution for consideration of criminal investigations on market manipulation … the Asset Recovery Agency to trace and recover assets allegedly bought with illegal capital gains … the Institute of Certified Public Accountants of Kenya for consideration of disciplinary action for professional misconduct.”

Last year in May, Muhoro sued CMA as well as Bank of Africa relating to the regulator’s investigation proceedings which required confidential information from the lender. Muhoro argued that CMA had yet to respond to the bond trader’s queries regarding the nature of the investigations.

[See Also:Mwendwa responds to critics on AFCON team selection]

Loading...

Entertainment

New Bae? Sherlyne Anyango Gets Naughty With Mzungu In The States (Video)

Published

on

Loading...

After declaring that long distance relationships aren’t for her, Sherlyne Anyango might have bagged herself a new mzungu boyfriend. It’s barely days since she left the country to go to the States to ‘hustle’. According to her, it’s easier to hustle in the States with her twerking talent.

Love At First Sight?

Photo-Courtesy/

Well, she moved on quickly! This was the reaction of most of her fans after Sherlyne went live with her new catch. Most people were surprised by how fast she possibly got a boyfriend. But she hasn’t made it clear.

While this might seem unfair to her Kenyan bae, Oga Obinna, it was a mutual agreement between them to dissolve their relationship due to the distance between them.

”I’m a single boy again now😪😱!! Now with the standards you set who will fit in🤷🏿 who will fill your shoes??But Si Ni Life… But for now Kill Them with your AWESOMENESS and SECURE THE BAG!!! Don’t let nobody tell you otherwise. Plus there will always be space for you in my Heart and Kidney🙊🙈🙏🏿.”

Loading...

In line to this, Sherlyne had also declared how much she misses Obinna and wrote back to him;

  ”Don’t make me cry. That’s life 😞😞. I feel bad. I miss you badly.”

Well, turns out she won’t be missing him any more after getting a new catch. Obinna has not yet responded to Sherlyne’s video posted on her Insta stories. I bet he’s not happy seeing her with another man.

Below is the video;


in News
Loading...
Continue Reading

Entertainment

Tips to help you get the perfect blazer Eve woman

Published

on

Loading...

 Choosing a blazer is key as it can either break or make your outfit (Image: Pinterest)

 

When it comes to buying or tailoring a new blazer, most people think it’s all about getting what fits. Even though that is one of the most vital things to focus on when selecting blazers, there are other things you need to look out for in order to have a perfect and versatile blazer.

Versatile is not just about being able to match most pieces in your closet, but something that will enhance your outfits and define your best features while at it. In case you are wondering on where to start with buying a blazer, start here:

 Always go for a colour that will pair well with most pieces in your closet (Image: Pinterest)

Yes, this is the first thing you should consider before making or buying yourself a blazer. You need to check your closet and consider the most dominant colour and pieces, can they be layered with a blazer or paired together?

Once that is set, you are good to go, though the more colourful a blazer is the more fun you will have pairing it with other pieces.

When selecting the perfect blazer always be very careful not to choose a small blazer. You might confuse a small blazer for a fitting one.

It should not be too tight that your shoulders cannot move in it or you can barely button it.

Although ladies are lucky they can go with any arm length, because it can be considered fashionable, ensure that it is your size. Also, avoid going for extra-large coats that will drown you and hide your best features.

Loading...
 The design and texture of a blazer will play heavily on how good you look (Image: Pinterest)

A blazer is in between a suit jacket and a hoodie. Meaning, it should be able to pass for official and casual events. Let your guide be what you are buying it for.

There are different kinds of blazers ranging from open front blazers, single breasted blazers, belted ones, the list is endless.

Always go for a blazer that resonates with your style and closet items. Also, long blazers are classier and versatile than the shorter boyfriend ones. This is in terms of versatility.

Are you looking for a linen blazer, cotton or the suit material fabric? Do you want it shiny or matte? Do you need one with metal studded elements or with embellished buttons like the army? The kind of texture you go for will determine the way you dress your blazer.

Although blazers are meant to match with all outfits, the kind of design you go for can either limit your outfit choices or broaden your matching game.

 The longer the blazer, the more you can play around with your pieces (Image: Pinterest)

They say the longer the blazer, the double the respect. You already know what I mean by this. Longer blazers are more eye catching, trendy and versatile. It will be easier for you to pair them to a tiny skirt, pencil trouser or palazzos.

Also did I mention how well they pair with crop tops? Yes, when buying a blazer, the length is very important.

Loading...
Continue Reading

Entertainment

Sewage Menace in Pipeline, Residents Cry For Help

Published

on

Loading...


Get real time updates directly on you device, subscribe now.

By Milo George

Residents of Pipeline Transami area are decrying poor drainage system that has caused sewage water to overflow in their area of residence.

The residents claim that the overflowing sewage is not only putting their lives at risk but also causing air pollution.

They have called on Nairobi Metropolitan Services and Nairobi City Water and Sewage Company to come on board and expand the sewer lines before more areas are flooded with raw human wastes coming from the blocked pipes.
“We want Major Badi and our leaders to resolve this menace immediately. It’s terrible many have been forced to shift their businesses because of the foul smell,” they said.
Pastor Joe Ndivoh of Word Evangelistic Explosion Ministries says that they have been forced to call off the Sunday School Service to protect the children from the smelly sewage.
‘‘We now fear that if prompt action is not taken then we will have a bigger health problem than this because we fear there could be an outbreak of water-borne disease anytime,’’ Pastor Ndivoh added.


Get real time updates directly on you device, subscribe now.

Loading...

Loading...
Continue Reading
Advertisement
Loading...
Advertisement
Loading...

Trending

Kenyan Tribune