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Ex-Kobil CEO fined for non-disclosure of ownership - 5 months ago, 17 Aug 15:14

Capital Markets Authority (CMA) has fined the former chief executive of KenolKobil #ticker:KENO Jacob Segman Sh5 million for failing to fully disclose his ownership the Nairobi bourse listed oil marketer.

The regulator says that Mr Segman failed to disclose his 5.99 per cent stake in the firm, in breach of CMA regulations that demand directors make public ownership of above three per cent in listed firms.

Official records showed the 5.99 per cent stake was owned by Mr Rami Haviv, Ms Enfrati Simcha and Ms Afriat Keren through Energy Resources Capital (ERC) — which was listed as the fifth largest shareholder in KenolKobil.

But information from Swiss Financial Markets Supervisory Authority indicated that Mr Segman was one of the beneficiaries of dividends paid to ERC via a Zurich based bank.

“As a Managing Director of KenolKobil, you failed to make material disclosures of your ownership interests in KenolKobil causing publication of incorrect, untrue and ...
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