Former Uchumi directors freed
Nairobi. Three former directors of Uchumi Supermarkets have been cleared of fraud charges over a flawed Sh895 million rights issue in 2014. Justice George Odunga last week ruled that James Murigu, Bartholomew Ragalo and Joyce Ogundo were charged with an illegality that did not exist in the Capital Markets Authority (CMA) Act.
The three moved to court after they were hit with penalties by the CMA for their alleged roles in conning investors through a flawed Uchumi rights issue floated in 2014. Other former directors and managers of the troubled retail chain, including disgraced chief executive Jonathan Ciano, also faced varied CMA sanctions for their alleged roles in the fraud scheme. (NMG)
