The High Court has quashed a Sh2.5 million penalty imposed on a former director of Chase Bank, Muthoni Kuria, by the Capital Markets Authority (CMA), citing procedural unfairness and bias in the tribunal’s decision-making process.
Justice Julius Ng’arng’ar ruled that the Capital Markets Tribunal erred in upholding the fine against Ms Kuria, who had been accused of misconduct linked to Chase Bank’s Sh10 billion bond issuance in 2015 and its subsequent collapse in 2016.